US STOCKS-Market plummets on economic, spending worry

* Gloomy economic picture fuels risk aversion

* Financials, energy, retailers among top drags

* Dow off 4.3 pct, S&P 500 off 5 pct, Nasdaq off 5.3 pct

* For up-to-the-minute market news, please click on [STXNEWS/US] (Updates to late morning)

By Ellis Mnyandu

NEW YORK, Dec 1 (Reuters) - U.S. stocks tumbled on Monday as signs of further deterioration in the economy around the world punctured last week's market enthusiasm, with financial services companies and retailers among Wall Street's biggest drags.

Major industrial companies also contributed to losses on signs global demand is faltering, leading investors to pare back risk in favor of safe-haven government debt.

With the holiday shopping season under way, investors feared that retailers may turn in their bleakest sales in many years. The S&P retail index .RLX declined 4.4 percent.

Department store Macy's Inc (M.N) tumbled 9.6 percent.  Continued...