Wall Street tumbles, S&P closes at lowest level in 14 months

(Reuters) - Wall Street's three major indexes each slid more than 2 percent on Monday, with the benchmark S&P 500 closing at its lowest level in 14 months, on concerns about slowing economic growth ahead of a highly anticipated decision from the Federal Reserve later this week on the course of interest rate hikes.

The Dow Jones Industrial Average fell 507.73 points, or 2.11 percent, to 23,592.78, the S&P 500 lost 54.12 points, or 2.08 percent, to 2,545.83 and the Nasdaq Composite dropped 156.93 points, or 2.27 percent, to 6,753.73.

(Reporting By April Joyner; Editing by Sonya Hepinstall)