CNBC's Margaret Brennan - The Stocks mananged to gain on the final trading day of the first quarter. The Dow gained 46 points, the Nasdaq up 18 points. But news from the two major pharmaceutical firms weighed on the overall market, where shares of Schering Plough and Merck dragged down on a news that appeal of cardiologist is telling physicians to cut their use of those companies cholesterol drugs. Merck traded down 15%, Schering plummeting 26%.

One positive view for the market place was from the Chicago PMI, they reported a reading of 48.2 in March and that was higher than many economist expected though still did show some signs of contraction.

Citigroup gaining after it announced a reorganization of its consumer group into 2 global businesses, shares of Morgan Stanley saw 2% rise and Citigroup up 3%.

Treasury Secretary Henry Paulson announced the most sweeping overhaul of the financial system, since the great depression. He expanded the Fed’s power to oversee investment banks and consolidated regulatory agencies. That was the big story on Monday but is already being some skepticism on capital health.

It was quarterly profit taking that took USD 4/bbl of the price of oil, with crude closing at USD 100.30/bbl. Shares of Exxon Mobil traded down fractionally and Chevron seeing a 1% gain.       

Wall Street Action:

• Dow gains 46 pts, Nasdaq up 18 pts
• Pharma cos, Schering Plough & Merck plummet, weighing on the mkt
• March Chicago PMI up to 48.2, higher than expectations
• Citigroup gains after announcement of  reorganisation of consumer grp into 2 global businesses
• Morgan Stanley up 2%, Citigroup up 3%
• Treasury Secretary expands power of Fed to oversee invst banks & consolidated regulatory agencies
• Crude above $100.30/bbl