S&P 500 Leaders and Laggards: MTG SPLS

Light, sweet crude for July delivery rose $5.07 to settle at $136.38 a barrel on the New York Mercantile Exchange after surpassing $138 in earlier trading. The Energy Department's Energy Information Administration reported oil inventories fell by 4.6 million barrels last week, although gas inventories rose.

Meanwhile, the Federal Reserve said Wednesday afternoon that the economy remained "generally weak" thanks to higher energy and food prices.

MGIC Investment Corp. took the biggest percentage decline, plunging $1.65, or 15.4 percent, to $9.07. In intraday trading, shares of the insurer touched $8.75, their lowest point in nearly 16 years.

Lehman Brothers Holdings Inc. tumbled $3.75, or 13.6 percent, to $23.75. The decline marks the fourth straight session that the stock, which is down nearly 60 percent since the start of the year, has traded lower.

Homebuilder Centex Corp. lost $1.95, or 12.3 percent, to $13.96. On Tuesday, credit ratings service Fitch Ratings bumped its issuer default rating on Centex to "junk" status.

On the gaining side, Staples Inc. rose $1.23, or 5.3 percent, to $24.38 after Dutch office supplies distributor Corporate Express NV accepted Staples' $2.7 billion buyout offer in a deal that analysts said will help expand the company's reach into Europe and elsewhere.

Ensco International Inc. gained $3.38, or 4.4 percent, to $79.60 after a Capital One analyst upgraded the oil and gas driller to "Strong Buy" from "Add" in a note to investors. Shares hit a fresh all-time high of $80.20 earlier in the session.

XTO Energy rose $2.75, or 4.1 percent, to $69.77. The independent oil and gas company said late Tuesday it was buying privately held Hunt Petroleum in a cash and stock deal.

The S&P 500 lost 22.95, or 1.7 percent, to close at 1,335.49.