CIT Group Inc. made the biggest gain on the Standard & Poor's 500 Index on Monday after the commercial finance company said it agreed to $3 billion in financing, helping send the index modestly higher at midday.
The S&P 500 added 6.45 points to 1,367.13 at midday after falling more than 3 percent alongside a broader sell-off on Friday.
CIT Group rose 81 cents, or 8.8 percent, to $10. Early Monday, the company said it agreed to a 15-year financing facility with Goldman Sachs that can be used to finance existing assets and new originations.
Oil and gas driller Ensco International Inc. advanced $4.65, or 6.3 percent, to $79.05. Oil prices eased below $136 a barrel on the New York Mercantile Exchange on Monday but soared nearly $11 on Friday.
Independent oil and gas company Apache Corp. gained $7.79, or 5.8 percent, to $141.69.
Financial stocks took the biggest hit. Leading the decliners was Washington Mutual Inc., which plunged 78 cents, or 10.4 percent, to $6.75. Earlier in the session, the bank's shares hit a fresh multiyear low of $6.65.
Bond insurer MBIA Inc. declined 49 cents, or 9 percent, to $4.95 after Standard & Poor's credit rating agency downgraded several of its peer companies. Shares also hit a multiyear low of $4.84 earlier in the session. The agency stripped MBIA along with Ambac Financial Group Inc. of their top "AAA" ratings last week.
Ambac lost 26 cents, or 11.1 percent, to $2.09. The stock hit an all-time low of $2.06 in earlier trading.
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