NEW YORK (

TheStreet

) -- Financial stocks rallied at the start of the quiet holiday week, buoyed by

AIG

(AIG) - Get Report

.

The

Financial Select Sector SPDR

(XLF) - Get Report

was most recently rising 0.6% to $15.97.

Shares of AIG hit a new 52-week-high of $59.22 after the insurer said it had secured

two $1.5 billion credit lines

, arranged by 36 banks including

JPMorgan Chase

(JPM) - Get Report

,

Citigroup

(C) - Get Report

and

Bank of America

(BAC) - Get Report

.

The facilities will be made available after AIG pays back the U.S. Treasury Department and

Federal Reserve

. The government plans on selling part of its stake in AIG during the first quarter of 2011.

AIG's stock was most recently up 8.5% to $58.95.

Other financial stocks moving higher on Monday included Bank of America, which rose 1.7%, to $13.29.

Visa

(V) - Get Report

shares were also gaining ground, up 2.2% to $70.21.

On the other hand, shares of

H&R Block (HRB) - Get Report

were falling roughly 7% to $11.80 at last check, after the tax preparer said that

HSBC

(HBC)

had been ordered by the OCC to cancel its contract with regards to providing refund anticipation loans to H&R Block customers.

The loans are a very popular product offered by H&R Block, which now must scramble to find replacement funding as the busy tax season gets underway.

HSBC shares were falling 1.1% to $50.92.

--Written by Laurie Kulikowski in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.