Wall Street tumbles on Fed rate angst

NEW YORK (Reuters) - U.S. stocks tumbled on Thursday, with the S&P 500 posting its worst daily decline since April and first monthly drop since January as economic data sparked concern that the Federal Reserve could raise interest rates sooner than some expect.

The Dow Jones industrial average fell 317.06 points, or 1.88 percent, to 16,563.3, the S&P 500 lost 39.4 points, or 2 percent, to 1,930.67, and the Nasdaq Composite dropped 93.13 points, or 2.09 percent, to 4,369.77.

For the month of July, the Dow fell 1.6 percent, the S&P dropped 1.5 percent and the Nasdaq lost 0.9 percent.

(Reporting by Rodrigo Campos; Editing by Leslie Adler)