NEW YORK ( TheStreet) -- Financial stocks remained in the black on Tuesday as third-quarter earnings reports came out in full swing.

The 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 Bank of America ( BAC - Get Report) , Bank of New York Mellon ( BK - Get Report) , Goldman Sachs ( GS - Get Report) and State Street ( STT - Get Report) .

However, it was several financial firms that already reported earnings that were the clear winners of the day.

Shares of Capital One ( COF - Get Report) jumped 7.7% to $40.11 on strong volume of about 8.2 million shares. Late Monday, Capital One said profit nearly doubled from year-ago comparisons on stronger revenue and improved credit quality.

Zions Bancorp ( ZION - Get Report) 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 ( FHN - Get Report) 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 Citigroup ( C - Get Report) 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 Northern Trust ( NTRS - Get Report), as Bank of New York missed Wall Street estimates and State Street beat estimates on Tuesday.

Other losers included AIG ( AIG), E*Trade Financial ( ETFC) and U.S. Bancorp ( USB). Both U.S. Bank and E*Trade report earnings results on Wednesday.

--Written by Laurie Kulikowski in New York.

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