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

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 declined 4.4 percent.

Department store Macy’s Inc tumbled 9.6 percent.

Consumers made repeat trips to stores and spent more on bargains this weekend, but analysts said the rush is unlikely to translate into a much-needed boost in profit.

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World stocks edge up… Crude oil falls, trades just above $51 a barrel… U.S. dollar firmer, U.S. bonds rise

U.S. stocks were mostly higher in thin trade on Friday, as investors eyed retail sales on the first day of the shopping season after the Thanksgiving Day holiday, to gauge the extent of weakening consumer demand.

European and Asian shares were also higher, despite the attacks in Mumbai, India, while U.S. Treasury debt prices and the U.S. dollar both gained as investors continued to look for safe-havens as global economic growth slows.

“It’s a light volume day so you’re going to see some choppy trading, with so many people out,” said Robert Finkel, consumer trader at Stifel Nicolaus in Baltimore of the U.S. stock market.

“I’m watching how things go from a retail standpoint today - we’ve heard a lot of speculation about how bad it’s going to

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U.S. stocks open slightly lower in thin holiday trade… Retailers fall on worry about weak “Black Friday” sales… Energy shares pressured as oil prices slip below $53

U.S. stocks slipped in thin holiday trade on Friday after a streak of gains as investors nervously eyed post-Thanksgiving sales to gauge how retailers will fare this holiday season, while worries about global demand hurt technology and energy shares.

Chevron (CVX) fell 1.9 percent tracking oil lower as OPEC gathered to discuss potential further supply cuts to combat falling demand. U.S. crude dropped below $53 a barrel.

Technology shares slid after signs of a downturn in global chip demand as STMicroelectronics cut its fourth-quarter outlook. Industry sources said Taiwan companies want to slash costs. The semiconductor index shed 1.1 percent.

The U.S. stock market was closed Thursday for the Thanksgiving holiday and is trading for half the day

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Indices STI 3046.77 13.72 (0.5%) FTSE Midcap Index 768.68 0.13 (0.0%) FTSE Smallcap Index 650.27 3.78 (0.6%) FTSE Fledgling Index 698.19 0.33 (0.0%) Retail Index 115.96 -0.52 (-0.4%) Plastics Index 63.15 0.16 (0.3%) Env/Water Index 111.28 -0.54 (-0.5%) Energy Index 184.63 1.51 (0.8%) China Index 141.98 1.79 (1.3%) PP China Index 147.23 1.39 (1.0%) FTSE China Index 446.43 5.52 (1.3%) Retail Index: Individual Component Stock Changes Link to Base Prices as at 9 Jun 06. The base index for the Retail Sector Index, based on 9 Jun 06, starts from 100. For corporate actions involving index stocks (new placements/deletions/new additions need adjustment to base market cap) see Corporate Actions. (Note: Base index has been adjusted on 5 May 08 to account for last corporate action.) Plastics Index: Individual Component Stock Changes ...