The stock market plunged yesterday as the wave of selling that depressed the video game stocks on Wednesday expanded to most of the list.

The Dow Jones industrial average, which was off almost 15 points in the first half-hour of trading, closed down 19.13 points, to 1,027.96, after a short-lived rally failed. On Wednesday, the key average tumbled 9.85 points.

The drop was broadly based, with declining issues on the New York Stock Exchange outnumbering stocks that advanced by more than a 2-to-1 ratio. Volume contracted to 90.3 million shares from 97.4 million shares on Wednesday.

Lower Earnings at Warner

Analysts said the main factor in the sharp decline was the report by Warner Communications late in the session on Wednesday that its fourth-quarter earnings would be lower than the year before because of poor sales of its video cartridges and coin-operated games. Video games have been one of the most popular investments on Wall Street in recent months, with Warner's stock almost doubling in price in the last year.

Analysts said that the Warner announcement also raised serious doubts about whether consumers would increase their spending during the Christmas season to push the economy out of the long recession.

''Unless the economy shows clear signs of recovering, the stock market will continue under pressure,'' said Monte Gordon, vice president of the Dreyfus Corporation. 3.4 Million Shares Traded

Yesterday Warner's stock, which did not open until 3:32 P.M. because of order imbalance, closed down 16 3/4 points, to 35 1/8, on a turnover of 3.4 million shares and topped the most-active list. The day before, the stock dropped 1 3/4 points.

Also helping to depress prices yesterday was the announcement by Mattel, another large video game manufacturer, that it would show a loss for the fourth quarter. The company makes Intellivision, a major competitor of Warner's Atari video games.

Mattel's stock did not open for trading yesterday and was off 2 1/8 points, to 24, on Wednesday. Coleco, another video game manufacturer, fell 3 1/4, to 34 7/8. Toys 'R' Us slumped 4 1/2, to 47. It said its sales of video games hardware and cartridge segments were continuing to expand.

The weakness in the video game sector spilled over into the stocks of most other technology manufacturers. Texas Instruments tumbled 5 3/4, points, to 140 1/4; Honeywell 5, to 89 3/4; Teledyne 4 1/4, to 131, and Digital Equipment 1 5/8, to 107 3/8.

The transportation issues, led by the recently strong airline issues, were also under considerable pressure. The Dow Jones transportation average dropped 15.58, to 442.30. The bigger losers in this group included Southwest Airlines, down 2 3/4, to 59 7/8; Northwest Airlines 3 7/8, to 44 5/8, and Delta 2 3/8, to 40 3/8.

Most of the blue-chip issues also ended lower. Procter & Gamble fell 3 1/4, to 115 1/4; American Telephone 1 1/8, to 59 7/8; United Technologies 2 1/2, to 53 3/8, and Minnesota Mining 2 1/4, to 71 3/4.

American Home Products was off 2 7/8 points, to 42 5/8, after a California woman was reported to have been hospitalized recently with possible cyanide poisoning traced to a bottle of Anacin III capsules, a headache remedy that is produced by a unit of the company. The company said there was nothing ''which indicates that this is other than an isolated incident limited to one drugstore.'' Bristol-Myers Trading Halt

The exchange halted trading in the stock of Bristol-Myers for a short period in the afternoon after an order imbalance developed in the stock. Bristol-Myers stock closed down 1 7/8, to 67 1/8. Bristol-Myers does not make Anacin. Trading was not halted in American Home Products, which does make Anacin.

Chrysler gained 7/8, to 14 7/8, on a report that it expected agreement on monetary terms of a new contract for its United States employees. Among the other car producers, General Motors fell 3/4, to 59 7/8, and Ford lost 5/8, to 35.

Barnett Banks of Florida was down 2 1/4, to 27 1/4, after disclosing it would extend its offer to echange new senior investment notes for two older debt securities.

Prices on the American Stock Exchange also declined, with the market-value index off 2.60, to 336.20. Spectro Industries gained 2 1/2, to 34 7/8, after announcing a 2-for-1 stock split and increasing the dividend.

Although the Pall Corporation reported higher earnings for its first quarter ended Oct. 30, the stock fell 1 1/8, to 46 1/4. In the over-the-counter market, the Nasdaq composite index dropped 3.46, to 237.24.

Illustrations: graph of market profile (page D6)