Financials Lead ETFs Higher During Rally

A day after the stock market dropped 289 points, its worst one-day setback in six weeks, investors decided some stocks were oversold and they did a little bargain hunting. Although the day started with a mixed bag of earnings reports from blue-chip companies, statements from Treasury Secretary Tim Geithner about the sector led to a buying spree. Financial funds, the main culprits behind Monday's drop, had plenty of takers on Tuesday. To see a complete market rundown, click here.

Bank ETFs got a boost from comments by Geithner. During congressional testimony he said the government would welcome any banks who were willing to repay financial bailout payments early. Some traders have become nervous about government nationalizing some banks. These comments seemed to dispel that idea -- at least for now. The iShares Dow Jones U.S. Regional Banks ETF (IAT) gained 8.1%. The SPDR Select Financial fund (XLF) increased 7.4%.

Traders continued to bail out of perceived safe haven investments. The Market Vectors Gold Miners fund (GDX) slipped 2.4% Tuesday.

Earnings and Conference Calls
AirTran, Amdocs, Apple, Boeing, Cohen & Steers, Continental Airlines, EBay, Electrolux, FBR Capital Markets, Freeport McMoRan Copper & Gold, Genzyme, GlaxoSmithKline, Ingersoll Rand, iRobot, Journal Communications, McDonald's, Morgan Stanley, Northrop Grumman, P.F. Chang's China Bistro, Provident Financial Services, Qualcomm, Robert Half International, Sybase, T. Rowe Price, Wells Fargo, Yum Brands

Economic Data
7:00 a.m. Mortgage Application Refinance Index
10:30 a.m. U.S. Energy Dept. Oil Inventories for April 17

A look at how the industry's most popular ETFs did on Tuesday: