Wall Street tumbles on global economic worries; J&J drags S&P, Dow

NEW YORK (Reuters) - Wall Street's three major indexes slumped on Friday as weak data from China and Europe stoked fears of a global economic slowdown, while Johnson & Johnson <JNJ.N> was a major drag on the S&P 500 and Dow after Reuters reported the company had known knew for decades that asbestos lurked in its Baby Powder.

The Dow Jones Industrial Average <.DJI> fell 496.87 points, or 2.02 percent, to 24,100.51, the S&P 500 <.SPX> lost 50.59 points, or 1.91 percent, to 2,599.95 and the Nasdaq Composite <.IXIC> dropped 159.67 points, or 2.26 percent, to 6,910.67.

(Reporting by Sinéad Carew; Editing by Sandra Maler)