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NEW YORK (TheStreet) --CNBC's Bob Pisani reported from the floor of the New York Stock Exchange on Tuesday afternoon's "Closing Bell" and talked about today's market activity.

Beginning with the financials, Pisani noted they have led the pack in the past week and have performed well in the third-quarter.

"Since Friday they've all been up between 3-5%. Financials are breaking out right across the board in the third quarter, and a lot of this outperformance has happened in just the last four days," Pisani explained.

Banks higher in the third quarter; Morgan Stanley (MS) higher 23%, Bank of America (BAC) up 22%, Zions Bancorp (ZION) up 20%, Regions Financials (RF) 17%, and Fifth Third Bank (FITB) up 15%.

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Sticking with the financials, Pisani noted that real estate, which has factored into the financials, will now have its own sector within the S&P 500 and relayed his thoughts on the announcement.

"Look I think it's time the REITS are 3% of the S&P 500, that's the same as the materials, telecom, utilities, and they really are a different vehicle than financials," Pisani said.

The Dow Jones, S&P 500, and NASDAQ all closed lower on Tuesday.