S&P 500 Leaders and Laggards: NCC KEY

National City added 89 cents, or 20.5 percent, to $5.23 after Sandler O'Neill & Partners LP analyst R. Scott Siefers raised the stock to "Buy" from "Hold" and said the company had enough capital for "virtually any credit scenario."

Cummins Inc. rose $6.25, or 9.9 percent, to 69.38. A Wachovia analyst said the truck maker stands to benefit from a business deal between Caterpillar Inc. and fellow truck maker Navistar International Corp.

Washington Mutual Inc. rose 58 cents, or 9.6 percent, to $6.64. Three independent proxy advisory firms have recommended shareholders vote for the company's proposals to raise $7 billion, the bank said Thursday.

Leading the declining stocks was KeyCorp, which tumbled $3.73, or 23.7 percent, to $11.98 after the financial services company said it would halve its dividend and raise about $1.5 billion to shore up its balance sheet. Shares touched an all-time low of $11.64 during in the session.

Archer-Daniels-Midland Co. gave up $3.76, or 10.1 percent, to $33.52, after analysts at both Citi Investment Research and BMO Capital Markets downgraded the agricultural products company because of spiking corn prices in the wake of flooding in the Midwest.

Shares of Yahoo Inc. fell $2.63, or 10.1 percent, to $23.52. The company said on Thursday its attempts to revive takeover discussions with Microsoft Corp. reached a dead end, setting the stage for a possible deal with Google Inc.

The S&P 500 gained 4.38 points, or 0.33 percent, to end at 1,339.87.