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The three major U.S. indexes all fell more than 1% in the first trading session after the Martin Luther King Jr. holiday, fueled by dips in energy and industrial stocks and ongoing global economic growth concerns.

The S&P 500 dropped 1.3% to 2,635.81.

The Dow Jones Industrial Average decreased 1.1% to 24,415.70.

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The Nasdaq fell 1.5% to 7,052.64.

The yield on a 10-year Treasury bond was down 1.4% to 2.7%.

The price of gold was flat at $1,282.

The price of oil fell 3% to $52.18 a barrel.

REAL ESTATE

Locally traded real estate companies took the brunt of losses, with homebuilders and developers all down in the trading session.

Irvine-based TRI Pointe Group Inc. (NYSE: TPH) dropped 3% to $12.16 and a $1.7 billion market cap.

Newport Beach-based William Lyon Homes (NYSE: WLH) was down 1% to $11.65 and a $440 million market cap.

Foundation Building Materials Inc. in Tustin (NYSE: FBM) declined 3% to $9.42 and a $404 million market cap; it distributes construction materials.

Aliso Viejo-based New Home Co. (NYSE: NWHM) fell 2% to $6.74 and a $138 million cap.