NEW YORK (TheStreet) -- Financial ETFs rose on Tuesday after Swiss bank UBS (UBS) and Germany's Deutsche Bank (DB) reported stronger-than-expected numbers, revised Basel III proposals were less stringent than expected and concerns about the health of European banks abated following the stress tests.
America's big banks Bank of America (BAC), JP Morgan (JPM) and Wells Fargo (WFC) rose in early Tuesday trading as financial ETFs attracted buyers, though gains ebbed towards the end of the trading session.
The SPDR Regional Banking ETF (KRE) climbed 1.6% after Regions Financial (RF) became the latest large regional bank to beat estimates with higher than expected improvements in credit quality. It ended up nearly 1% higher at $24.29.Utility ETFs were in the limelight on Tuesday. Utilities HOLDRS (UTH) and Vanguard Utilities (VPU) were up 1.6% and 1.5% respectively. Consumer-focused ETFs such as the SPDR S&P Retail (XRT) and SPDR Consumer Discretionary (XLY) saw some selling after consumer confidence sank to a five-month low. The funds were down by 1.7% and 1.3% respectively. The United States Oil Fund (USO) was shedding 1.9%, with the price of oil slipping nearly 2% to $77.43. -- Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
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