Semiconductor ETFs Gain Ahead of Intel

NEW YORK ( TheStreet) -- Bullish earnings expectations from Intel ( INTC), ahead of its results on Tuesday, drove the stocks of leading chipmakers higher.

Intel rose more than 2%. Advanced Micro Devices ( AMD) and Texas Instruments ( TXN) also posted similar gains.

PowerShares Dynamic Semiconductor ( PSI), which tracks the Dynamic Semiconductor Intellidex of 30 chipmaker companies, was a prominent leader in Tuesday morning action with a gain of 3.2%. The SPDR S&P Semiconductors ( XSD) gained 2%.

Banking stocks gained on hopes that the financial regulatory bill will pass in the senate after two more Republican senators said they would back the legislation. The Regional Bank HOLDRS ( RKH) gained 2.8%. The ETF has concentrated investments in JP Morgan ( JPM) and Wells Fargo ( WFC), both of which moved in lockstep on Tuesday to end higher by 3.2%.

The United States Oil Fund ( USO) surged 2.8%, as oil prices climbed past $77 on Tuesday. Energy sector funds such as SPDR Energy ( XLE) also gained after Chevron ( CVX) said it would beat earnings estimates, boosting interest in oil stocks.

-Reported by Shanthi Venkataraman in New York.

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