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. The iShares S&P Global Financials ( IXG) rose 1.7% to $44.07 on Tuesday. Its top holding HSBC ( HBC) ended higher by 2.6%. 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.