NEW YORK ( TheStreet) - Bank stocks were losing steam on Tuesday, as the threat of higher oil prices dimmed market enthusiasm about the economic recovery and legal issues continued to mount.
The KBW Bank Index of large-cap stocks lost 2.3% by the close of trading, off significantly more than broader market indexes, which shed just 1.3% to 1.6%. Stocks wavered as chaos continued in or near oil-producing countries in the Middle East, and crude prices were again approaching $100 a barrel.
Bank's ongoing legal woes were adding pressure to financial sector stock prices.
(FITB) was among the worst performers on Tuesday after the regional lender disclosed a
Securities and Exchange Commission
Goldman Sachs (GS), which disclosed $4.3 billion in legal liabilities on Monday evening, fell 1.5% to $161.33 after the SEC filed insider trading charges against ex-director Rajat Gupta. Goldman hasn't commented on the issue.The four biggest U.S. lenders, Bank of America (BAC), Wells Fargo (WFC), JPMorgan Chase (JPM) and Citigroup (C), have disclosed in regulatory filings
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