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Updated with CIT's agreement with Carl Ichan
NEW YORK (TheStreet) -- The decline in financial shares deepend Friday afternoon, leading the entire market to the downside, as yesterday's strong GDP-fueled rally withered into memory and as data came out today that showed further declines in American consumer spending.
The Dow Jones Indstrial Average plunged more than 200 points, or 2.2%, while the Dow Jones Financial Services Index surrendered 2.5% in afternoon trading Friday.
In the biggest company-specific news of the day, word spread that CIT(CIT) would file for a prepackaged bankruptcy as early as Sunday, with Carl Ichan reportedly agreeing to a deal. ...
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