(Updates to show Dow breaking below 9,700 level)

NEW YORK, Oct 6 (Reuters) - U.S. stocks slid on Monday, with the Dow diving below the 9,700 level for the first time since November 2003, as the fast-spreading financial crisis fueled fears the economy would not avert recession.

The Dow Jones industrial average .DJI was down 625.63 points, or 6.06 percent, at 9,699.75.

The Standard & Poor's 500 Index .SPX was down 72.77 points, or 6.62 percent, at 1,026.46. The Nasdaq Composite Index .IXIC was down 141.73 points, or 7.28 percent, at 1,805.66. (Reporting by Kristina Cooke; Editing by Jan Paschal)