The dawn of the Obama presidency could not shake the stock market from its dejection over the rapidly deteriorating state of the banking industry. Financial stocks, many of them falling by double digit percentages, led a huge drop on Wall Street. The market’s angst, which began with multibillion dollar losses reported last week by Bank of America Corp. and Citigroup Inc., intensified after the Royal Bank of Scotland’s forecast that its losses for 2008 could top $41.3 billion. The stock market was closed Monday for Martin Luther King Jr. Day.

The Dow Jones industrial average fell 332.13, or 4.01 percent, to 7,949.09.

The Standard & Poor’s 500 index fell 44.90, or 5.28 percent, to 805.22.

The Nasdaq composite index fell 88.47, or 5.78 percent, to 1,440.86.

For the year:

The Dow is down 827.30, or 9.43 percent.

The S&P is down 98.03, or 10.85 percent.

The Nasdaq is down 136.17, or 8.63 percent.

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