S&P 500 Leaders & Laggards: S&P 500

Shares of CIT Group rose $2.02, or 29.7 percent, to $8.83.

Shares of Celgene Corp. gained $5.39, or 8.4 percent, to $69.26. SuperGen Inc.'s bone marrow disorder drug failed in a late-stage European clinical trial. Celgene makes a rival drug, Vidaza.

Shares of MGIC Investment Corp. rose 43 cents, or 7 percent, to $6.54.

The S&P 500 rose 4.91 points to 1,284.91.

On the losing side, the biggest fall was taken by shares of Fortune Brands Inc., after the company lowered its outlook.

Shares declined $8.28, or 13.3 percent, to $54.13, after hitting $51.59 earlier in the session, a level not seen since 2003.

Shares of Sprint Nextel Corp. declined 67 cents, or 7.1 percent, to $8.83.

Shares of Dillard's Inc. declined 72 cents, or 6.2 percent, to $10.85, after hitting $10.38 earlier in the session.