US Stocks Close Lower ahead of Fed Meeting

US stocks slid Monday as Wall Street awaited the Federal Reserve's two-day policy meeting scheduled to begin Tuesday. The Dow Jones Industrial Average fell 122.65 points, or 0.61%, to 19,971.13.  The S&P 500 dipped 13.79 points, or 0.60%, to 2,280.90. 

    The Nasdaq Composite Index was down 47.07 points, or 0.83%, to 5,613.71. At its December meeting, the US central bank raised the benchmark interest rate by 25 basis points, the first and only time in 2016, and indicated a faster rate hike pace next year. 

    Most analysts believed that the Fed won't hike rates at this week's meeting, but the meeting will still be watched closely for more clues on the timing a next rate increase.

    On the economic front, US personal income in December increased 50.2 billion US dollars, or 0.3%, missing market consensus, the US Commerce Department announced Monday.

    Meanwhile, US pending home sales picked up in December as solid increases in the South and West offset weakening activity in the Northeast and Midwest, according to the National Association of Realtors Monday.

    The Pending Home Sales Index increased 1.6% to 109.0 in December from 107.3 in November.