NEW YORK (
) -- Financial stocks rallied at the start of the quiet holiday week, buoyed by
Financial Select Sector SPDR
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
, arranged by 36 banks including
Bank of America
The facilities will be made available after AIG pays back the U.S. Treasury Department and
. 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.
shares were also gaining ground, up 2.2% to $70.21.
On the other hand, shares of
were falling roughly 7% to $11.80 at last check, after the tax preparer said that
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.