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 <.DJI> fell 507.73 points, or 2.11 percent, to 23,592.78, the S&P 500 <.SPX> lost 54.12 points, or 2.08 percent, to 2,545.83 and the Nasdaq Composite <.IXIC> dropped 156.93 points, or 2.27 percent, to 6,753.73.

(Reporting By April Joyner; Editing by Sonya Hepinstall)