[BRIEFING.COM] The stock market started the session moderately lower, but it has since trimmed its losses. Despite the improved position, financial stocks continue to trade with considerable weakness; the sector is down 1.1%, worse than any other major sector.

Declines by the financial sector stem partly from a sharp sell off in shares of MasterCard (MA 214.11, -8.54), which posted better-than-expected earnings for its latest quarter and said during its conference call that the worst of economic conditions is behind it and recent data are encouraging. However, the company still doesn't expect any global economic improvement until 2010. With that, the company reaffirmed that it doesn't expect revenue from 2009 to 2011 to grow at its 12% to 15% annual target.