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Financial ETFs Rise on Earnings Surprises

NEW YORK ( TheStreet) -- Financial ETFs rose on Tuesday after Swiss bank UBS (UBS - Get Report) and Germany's Deutsche Bank (DB - Get Report) 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.

The iShares S&P Global Financials (IXG) rose 1.7% to $44.07 on Tuesday. Its top holding HSBC (HBC) ended higher by 2.6%.

America's big banks Bank of America (BAC - Get Report), JP Morgan (JPM - Get Report) and Wells Fargo (WFC - Get Report) 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 - Get Report) 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.

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HBC $0.00 0.00%
BAC $11.95 0.00%
DB $17.38 0.00%
JPM $57.49 0.00%
IXG $44.23 0.00%


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