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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV