US SMALL/MIDCAPS-Stocks fall as economy worries persist

* Economically sensitive sectors fall

* Mid, small caps to see most selling

* Whiting Petroleum Corp up on test results

* S&P MidCap 400 down 1 pct, S&P SmallCap 600 off 1.1 pct

By Edward Krudy

NEW YORK, June 1 (Reuters) - Mid- and smallcap stocks fell on Monday as concern about the global economic recovery continued to weigh on riskier assets.

Stocks in economically sensitive sectors such as basic industries and energy underperformed the wider market. The S&P midcap industrials index .4GSPI fell 1.4 percent, while the midcap materials index fell .4GSPM 1.5 percent.

Small and medium cap stocks have fallen nearly 15 percent since a recent peak in late April as investors worry that Europe's debt crisis and disappointing data from the U.S. labor market could portend a slower growth environment globally.

"It's hard to find anywhere to really be defensive," said Dan Cook, senior market analyst at IG Markets in Chicago. "Particularly in the small and mid caps, they're going to get hit pretty tough."

The S&P MidCap 400 index .MID fell 1 percent while the S&P SmallCap 600 index .SML lost 1.1 percent. In comparison, the benchmark S&P 500 .SPX fell 0.4 percent.

Among industrial and materials shares taking the brunt of the selling were buildings products manufacturer Louisiana Pacific (LPX.N), down 4.2 percent to $7.02 and Terex Corp (TEX.N), an equipment manufacturer, that fell 6.3 percent to $19.62.

In company news, Whiting Petroleum Corp (WLL.N), rose 1.4 percent to $84.38 as the independent exploration and production company posted positive initial results from its recently completed six wells in the oil-rich Bakken shale. [ID:nSGE6560IM]

Force Protection Inc FRPT.O added 1.8 percent to $4.06 as the defense contractor, known for its armored trucks Cougar, Buffalo and Cheetah, said it received a $46.1 million contract for additional modernization of the U.S. military's Cougar fleet. [ID:nSGE6560DW]

Shares in Brown Shoe Co (BWS.N) climbed 3.4 percent to $15.42. The footwear retailer said it acquired the remaining 50 percent interest in women's shoe-maker Edelman Shoe Inc for for $39.6 million in cash and stock. [ID:nSGE6560IJ]

(Reporting by Edward Krudy; Editing by Chizu Nomiyama)