US markets decline led by financial stocks

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Weakness on the financial stocks weighed on the markets which finished lower across the board, the Dow lost 104 points, the Nasdaq declined 15 and the S&P 500 dropped 9. The markets have seen quite a few speed bumps recently, the Dow closed below a key 10,000 point level today for the first time since early November and since mid-January the major indices have lost about 7% of their value.

Drug Store operator CVS Caremark reporting its Q4 earnings by 11% to USD 1.1 billion excluding charges that beat Wall Street estimates, thanks to stronger revenue from its pharmacy benefits unit.

Wall Street has new six million dollar man, CIT Group has named former Merrill Lynch Chief John Thain as CEO, he will receive around USD 6 million a year in compensation with a bulk of it 5.5 million in restricted stock and he will have his work cut out for him; the struggling small business lender filed for bankruptcy last November even after receiving USD 2.3 billion in government aid.