NEW YORK (
) -- Financial ETFs rose on Tuesday after Swiss bank
(UBS - Get Report)
(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.
iShares S&P Global Financials
rose 1.7% to $44.07 on Tuesday. Its top holding
ended higher by 2.6%.
America's big banks
Bank of America
(BAC - Get Report)
(JPM - Get Report)
(WFC - Get Report)
rose in early Tuesday trading as financial ETFs attracted buyers, though gains ebbed towards the end of the trading session.
SPDR Regional Banking ETF
climbed 1.6% after
(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.
were up 1.6% and 1.5% respectively.
Consumer-focused ETFs such as the
SPDR S&P Retail
SPDR Consumer Discretionary
saw some selling after consumer confidence sank to a five-month low. The funds were down by 1.7% and 1.3% respectively.
United States Oil Fund
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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