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Semiconductor ETFs Gain Ahead of Intel

NEW YORK ( TheStreet) -- Bullish earnings expectations from Intel (INTC - Get Report), ahead of its results on Tuesday, drove the stocks of leading chipmakers higher.

Intel rose more than 2%. Advanced Micro Devices (AMD - Get Report) and Texas Instruments (TXN - Get Report) also posted similar gains.

PowerShares Dynamic Semiconductor (PSI), which tracks the Dynamic Semiconductor Intellidex of 30 chipmaker companies, was a prominent leader in Tuesday morning action with a gain of 3.2%. The SPDR S&P Semiconductors (XSD) gained 2%.

Banking stocks gained on hopes that the financial regulatory bill will pass in the senate after two more Republican senators said they would back the legislation. The Regional Bank HOLDRS (RKH) gained 2.8%. The ETF has concentrated investments in JP Morgan (JPM - Get Report) and Wells Fargo (WFC - Get Report), both of which moved in lockstep on Tuesday to end higher by 3.2%.

The United States Oil Fund (USO) surged 2.8%, as oil prices climbed past $77 on Tuesday. Energy sector funds such as SPDR Energy (XLE) also gained after Chevron (CVX - Get Report) said it would beat earnings estimates, boosting interest in oil stocks.

-Reported by Shanthi Venkataraman in New York.

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Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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SYM TRADE IT LAST %CHG
RKH $54.67 0.00%
XLE $70.47 2.86%
USO $15.85 1.28%
XSD $79.58 2.01%
PSI $25.15 1.74%

Markets

Chart of I:DJI
DOW 17,630.27 +189.68 1.09%
S&P 500 2,093.25 +25.61 1.24%
NASDAQ 5,089.2060 +49.43 0.98%

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