Tuesday's Financial Winners & Losers

Updated from 2 p.m. EDT

Financial stocks outperformed the major indices and spent most of their time in positive territory Tuesday, even as they, too, struggled to find footing early in the day.

Among the winners was student lender Sallie Mae (SLM Quote). Shares climbed 1.1% after the Reston, Va., firm announced the termination of an antitrust waiting period for its previously announced $25 billion acquisition by a J.C. Flowers-led consortium. Shares gained 61 cents to $57.72 in unusually heavy trading.

IntercontinentalExchange (ICE Quote) was higher on Monday's postbell announcement that it has procured an exclusive license to offer futures and options based on the Russell 1000, 2000 and 3000 and related indices. Shares of the Atlanta-based exchange closed up 1.2%, or $1.87, to $156.30.

The NYSE Financial Sector Index, buoyed by both Sallie Mae and the ICE, rose 0.3% to 9,881.16 as another member, the massive Bank of America (BAC Quote), spiked 1.3% on an upgrade to buy at UBS. The bank likewise helped to sharply lift the KBW Bank Index as one of its most heavily weighted components. After hovering well above the major indices for much of the day, the index gained 0.5%.

Health insurer Cigna (CI Quote), meanwhile, was upped to neutral from sell at BofA as an analyst there cited its success at attracting customers, rather than shedding them, as he had previously expected. Shares closed up 1.2% to $55.30. And New York insurer Tower Group (TWGP Quote) was 3.4% higher at $33.35 after getting picked up by the S&P SmallCap 600 Index.