NEW YORK ( TheStreet) -- Financial stocks slid again on Monday - with regional names like Fifth Third Bancorp (FITB) getting hit particularly hard - as higher oil prices weighed on investors' expectations for the economic recovery.
In late-afternoon trading, Fifth Third closed down 2.2% at $13.59. Regional competitors were also losing ground, with Huntington Bancshares (HBAN) down 1.7% at $6.54, People's United (PBCT) down 2% at $12.42 and SunTrust Banks (STI) down 1.7% at $28.91.
Oil prices closed above $105 per barrel on Monday, with gasoline topping $3.50 per gallon. The price hikes were driven by concerns about unrest in the Middle East. Banks are particularly sensitive to the effect of petroleum prices, since paying more for energy can curb economic activity.
(KEY) was one of the few winners among big regional stocks, closing up 0.2% in recent trading at $9.28. Rumors that the Cleveland-based lender might be near a deal to sell itself to
(TD) likely helped to shore up its stock price, though
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