Wall Street tumbles on Fed rate angst

Wall Street tumbles on Fed rate angst

Last Updated: Fri, Aug 01, 2014 02:24 hrs
Scaffolding is seen outside the NASDAQ MarketSite in Times Square in New York

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)

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