NEW YORK (
) -- Financial stocks remained in the black on Tuesday as third-quarter earnings reports came out in full swing.
Financial Select Sector SPDR
rose modestly by 0.4%, to $14.73. The
KBW Bank Index
was up by 0.8%, to $46.97.
Large institutions that reported on Tuesday included
However, it was several financial firms that already reported earnings that were the clear winners of the day.
jumped 7.7% to $40.11 on strong volume of about 8.2 million shares. Late Monday,
said profit nearly doubled from year-ago comparisons on stronger revenue and improved credit quality.
jumped 3.9%, to $22.18 on strong trading volume of more than 4 million shares, exceeding its three-month daily average.
Late Monday, the Salt Lake City-based banking institution reported a loss of 47 cents a share, beating analysts' estimates and narrowing its loss from both the second quarter and third quarter of 2009. Zions management indicated that it plans to return to profitability late this year, or by early 2011 as problem loans decline.
First Horizon National
shares were also rising 4.3% to $10.52. The Memphis-based regional bank surprised Wall Street on Friday with a 7-cent profit.
Not all financial stocks were rising. Shares of
were falling 0.5% to $4.15. Investors were likely taking profits on the bank shares after Citi's stock jumped 5.5% on Monday reflecting strong third-quarter earnings.
Investors were also selling off shares of the trust banks ,including Bank of New York Mellon, State Street and
, as Bank of New York missed Wall Street estimates and State Street beat estimates on Tuesday.
Other losers included
. Both U.S. Bank and E*Trade report earnings results on Wednesday.
--Written by Laurie Kulikowski in New York.
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