North American stocks markets plunged Tuesday as investors fled from financial stocks amid steep writedowns at U.S. banking giant Citigroup, a $2.75 billion share sale by CIBC, and declines in oil prices.

Despite a brief rallying attempt just before market close, the S&P/TSX composite index closed down 381.50 points, or 2.79%, at 13,316.78.

All 10 of the TSX main groups lost ground.

The heavy weight energy index fell 3.47% as crude oil prices hit the lowest level in more than three weeks. February’s contract closed down US$2.30, or 2.4%, at US$91.9 a barrel on the New York Mercantile Exchange.

Shares of Calgary-based Talisman Energy Inc. fell $1.04, or 5.37%, to close at $18.32, after the company announced decreases in exploration spending for 2008. It said expects to produce 435,000 and 460,000 barrels of oil equivalent per day in 2008, down from an estimated 452,000 boe per day last year.

The financials group lost 2.28%.

CIBC shares continued to fall, closing down $2.07, or 2.87%, at $70.

The exodus from financials also affected the other banks. BMO stock fell, closing down $1.72, or 2.99%, at $55.79. As did Scotiabank, which dropped $1.19, or 2.46%, to close at $47.21.

The gold subgroup lost 3.83%, as gold futures for February delivery ended down 80¢, or 0.1%, at US$902.6 an ounce on the New York Mercantile Exchange.

Gold hit an intraday high of US$916.1 an ounce, more than US$50 higher than last Monday’s closing.

Among individual stocks, Quebecor World shares hit a one-year low today, ultimately closing down 34¢, or 41.98%, at 47¢, even after the announcement that it had accepted a bail-out offer from parent company Quebecor Inc. and TriCap Partners Ltd.

The junior S&P/TSX Venture composite index closed down 48.74 points, or 1.73%, at 2,769.82.

The Canadian dollar closed up 0.15 of a cent, at US$98.37.

In New York, weak U.S. retail sales and steep losses at Citigroup sent stocks tumbling lower.

The Dow Jones industrial average closed down 277.04 points, or 2.17%, at 12,501.11 The S&P 500 lost 35.30 points, or 2.49%, to settle at 1,380.95.

The Nasdaq composite index lost 60.71 points, or 2.45%, closing at 2,417.59.

All three indices closed at their lowest levels yet this year.