U.S. stocks decline ahead of Fed meeting

U.S. 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 percent, to 19,971.13. The S&P 500 dipped 13.79 points, or 0.60 percent, to 2,280.90. The Nasdaq Composite Index was down 47.07 points, or 0.83 percent, to 5,613.71.

At its December meeting, the U.S. 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, U.S. personal income in December increased 50.2 billion U.S. dollars, or 0.3 percent, missing market consensus, announced the Commerce Department Monday.

In December, disposable personal income increased 43.6 billion dollars, or 0.3 percent, and personal consumption expenditures increased 63.1 billion dollars, or 0.5 percent.

"Purchases of automobiles continued to boost consumption in final month of 2016, as spending was encouraged by abnormally generous dealer incentives. The November/December consumption pattern provides little clarity about momentum into the first quarter," said Sophia Kearney-Lederman, an economic analyst at FTN Financial.

Meanwhile, U.S. 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 percent to 109.0 in December from 107.3 in November. Enditem