Wall Street declines; Dow ends down 186 pts & Asian markets trading weak; Hang Seng down 2%

The US markets slipped into the red over investor concerns about the banking industry and possibility of a dire first-quarter earnings season.

Banks took a hit amid expectations that the International Monetary Fund, IMF will report toxic debts held by banks and insurers spiraling to 4 trillion dollars. Shares of Bank of America and JP Morgan chase dropped 1.6 percent and 3.4 percent, respectively, while Citigroup advanced 1.5 percent.

The Dow slipped 186.29 points, or 2.3%, to 7,789.56. The S&P 500 index plunged 19.93 points, or 2.4%, to 815.55, while the NASDAQ composite index fell 45.10 points, or 2.8%, to 1,561.61.