(LANHAM, Md.) — Rumors of a scaled back fiscal cliff deal caused stock markets to rise suddenly Thursday and subsequently fall after denials from top D.C. insiders.

As Business Insider reports, the rise came just moments after Sen. Scott Brown posted he was getting on a plane to review a scaled back plan that President Obama would send to Congress.

Less than an hour later, CNBC Chief Washington Correspondent John Harwood tweeted that Brown’s comments were completely false.

CNN was the first to report that a scaled back plan was being proposed, but have yet to name their sources.

Image courtesy of Business Insider