CIT Group, MBIA, Lehman Brothers Holdings Decline, Sending S&P 500 to Lower Finish

NEW YORK (AP) -- Shares of lender CIT Group Inc. declined on Wednesday, weighing the Standard & Poor's 500 to a lower finish as oil prices rose and shipping company United Parcel Service Inc. issued a profit warning.

The S&P 500 lost 11.05 points to 1,354.49.

CIT shares dropped $1.51, or 10.4 percent, to $13.06, following diversified financial services companies lower.

Bond insurer MBIA Inc. declined $1.02, or 7.9 percent, to $11.97.

Lehman Brothers Holdings Inc. lost $3.13, or 7.2 percent, to $40.54.

On the positive side, shares of memory chip maker SanDisk Corp. advanced $1.66, or 6.5 percent, to $27.21. Memory chip makers moved higher on signs of production cuts and rising demand.

Boeing Co. shares rose as the company backed its 2008 profit forecast, despite a delayed debut of its highly anticipated 787 jetliner. The stock added $3.58, or 4.8 percent, to $78.60.

Chip maker Broadcom Corp. rose 80 cents, or 4 percent, to $20.95.