U.S. markets saw a wild day of trading Friday, capping off an up and down week. After being down in the premarket on debt fears and the January Employment Situation, stocks rebounded late day from well over triple digit losses to finish positive. The blue chips rose 10.05, or 0.1 percent, to 10,012.23. The broader Standard & Poor’s 500 index rose 3.08, or 0.3 percent, to 1,066.19, while the Nasdaq composite index rose 15.69, or 0.7 percent, to 2,141.12.

Morning Outlook

Stocks and global markets are trying to regain their footing and reign in the volatility as we begin a new week. So far in premarket action, Dow Jones industrial average futures declined 7, or 0.1 percent, to 9,934. Standard & Poor’s 500 index futures fell 0.90, or 0.1 percent, to 1,058.90, while Nasdaq 100 index futures lost 1.50, or 0.1 percent, to 1,743.50.

News will be light on the street this week by way of economic data, however traders will be looking for the latest developments on European sovereign debt, which have sparked default fears across the global market place.

Currencies and Commodities

The dollar fell 0.0031% at 89.247 yen in the currency market. The euro depreciated 0.2230% to $1.3648 while the pound lost 0.4785% to $1.5566. Gold gained $13.90 to $1066.70 an ounce, while silver climbed 1.65% at $15.07. Light, sweet crude for March delivery fell 4 cents to $71.15 per barrel on the NYMEX; a 0.06% decline.

On the Corporate Front

In one of the more ridiculous items as of late ousted chief of Merrill Lynch & Co. John Thain and his $8,000 trash bin will be heading over to take the reigns over at CIT Group (CIT). The troubled commercial lender, emerged from a nearly 4 month bankruptcy in December.

I guess the man should be considered a legend, as he got shareholders roughly $27 per share for a worthless company.

CVS Caremark Corp. (CVS) earned $1.05 billion, or 74 cents per share last quarter. That’s up from $949 million, or 65 cents per share. Excluding one-time costs, CVS earned 79 cents per share. Revenue grew 7 percent to $25.82 billion from $24.14 billion.

Despite beating analyst estimates of $0.78 per share on the bottom line, revenue fell short of estimates of $26.22 billion in revenue.