Major stock averages close at the day's highs. Stocks advanced from early weakness as investors bought heavily into financials after an upgrade of financial powerhouse Goldman Sachs ( ) ahead of financial sector earnings.

GS was boosted by an upgrade from the Meredith Whitney Advisory Group and comments from the analyst on CNBC on the positive near-term prospects for the banking group. The positive comments come off recent news of a former programmer at the investment bank being arrested and before GS reports earnings results Tuesday.

One stock sitting out the financial rally, though, was CIT Group ( ). Shares are sharply lower as CIT has confirmed that it remains in active discussions with its principal regulators on a series of measures to improve the company's near-term liquidity position.

Other movers include CardioNet (BEAT) after it announced Highmark Medicare Services is lowering its reimbursement rate for MCOT services to $754 per service beginning in September.

OSI Pharma ( ) is up on positive study results for Tarceva, and CytRX ( ) jumps after the company says its INNO-206 shows a statistically significant tumor shrinkage in an animal trial for breast cancer.

Starbucks ( ) edges higher after Fidelity revealed in a SEC filing that it raised its stake in the coffee giant to more than 10%.

Best Buy ( ) rose on an upgrade at Oppenheimer. Oppenheimer says the recent decline in BBY shares is making the comnpany look undervalued.

Crude oil looked like it was stabilizing early this morning after a two-week slide. However, after the morning bell, prices started to slide again.

Oil futures fell 20 cents to end at $59.69 a barrel on the New York Mercantile Exchange. Earlier, the contract touched an intraday low of $58.32 a barrel on Globex.

NYSE up 133.9 (2.4%) to 5,761.37.

-DJIA up 185.2 (2.3%) to 8,332.

-S&P 500 up 21.9 (2.5%) to 901.05.

-Nasdaq up 37.2 (2.1%) to 1,793.

GLOBAL SENTIMENT

Hang Seng down 2.56%

Nikkei down 2.55%

FTSE up 1.68%

DOWNSIDE MOVERS

(-) FAST missed with Q2 results.

(-) CIT said it remains in discussions with regulators on liquidity concerns.

(-) AXL dropped on report of possible bankruptcy.

(-) BEAT slides as Highmarket Medicare Services reduces reimbursement rate, CardioNet withdraws guidance.

(-) ADY guides below Street.

UPSIDE MOVERS

(+) GS gets upgrade; earnings due Tuesday.

(+) SNDK gets upgrade.

(+) STP inks strategic pacts to develop solar projects in China.

(+) SIRI gains as Mercedes-Benz to offer service for certain certififed pre-owned vehicles.

(+) SNSS gets milestone payment.

(+) OCLS inks marketing alliance with OroScience.

(+) TEVA gets FDA approval for new version of OTC Plan B.

(+) OSIP reports positive study data on Tarceva.

(+) CYTR says INNO-206 shows statistically significant tumor shrinkage in animal trial for breast cancer.

(+) HOV rallies on positive comments on stock by Ron Insana on Cramer's Mad Money.

(+) BSX gets European OK for LATITUDE patient management system.