NEW YORK, Aug. 12 (Xinhua) -- U.S. stocks cut earlier losses and closed in mixed territory on Monday following last week's slump, as tech shares rallied.
The Dow Jones Industrial Average lost 5.83 points, or 0.04 percent, to 15,419.68 points. The Standard & Poor's 500-stock Index was down 1.95 points, or 0.12 percent, to 1,689.47 points, while the Nasdaq Composite Index advanced 9.84 points, or 0.27 percent, to 3, 669.95 points.
Wall Street opened lower on Japan's weaker-than-expected gross domestic product data. Japan's economy grew at an annualized pace of 2.6 percent in the second quarter of 2013, lower than the market forecast of a 3.2-percent increase, according to a preliminary report released Monday by the Japanese government.
The market then exhibited a seesaw trading session as investors found little excuses to jump in.
The tech-heavy Nasdaq outperformed the other two stock indices as Blackberry shares surged 10.45 percent to 10.78 U.S. dollars apiece on reports that the smartphone maker is considering to go private.
Moreover, Apple shares also went up 2.84 percent to 467.36 dollars as the tech giant will reportedly announce its next generation iPhone on Sept. 10.
Wall Street also regained momentum somewhat from jumping stocks in Chinese market Monday as data showed China's new bank loans and monetary supply for July came in higher than expected, pushing up investors' confidence.
On the economic front, the U.S. government registered a 98- billion-dollar budget deficit in July, according to U.S. Department of the Treasury, slightly exceeding market consensus.
The CBOE Volatility Index, widely considered as a fear gauge of the market, decreased 4.47 percent to end at 12.81.
The three major stock indices last week saw the biggest weekly losses since June, with the Dow snapping a six-week winning streak as investors jittered at hawkish remarks from senior U.S. Federal Reserve officials. The Fed officials expressed their beliefs that the U.S. central bank would start to trim its monetary stimulus later this year, even as early as in September.
In other markets, oil prices rose on Monday after a series of Chinese economic data came in better than expected. Light, sweet crude for September delivery rose 14 cents, to settle at 106.11 dollars a barrel on the New York Mercantile Exchange. While Brent for September delivery went up 75 cents, to close at 108.97 dollars a barrel.
Gold future for December delivery on the COMEX division of the New York Mercantile Exchange climbed 22 dollar to settle at 1,334. 2 dollars per ounce on Monday.
The U.S. dollar rebounded against major currencies on Monday as investors are anticipating incoming U.S. economic data to outperform expectations this week. In late New York trading, the euro fell to 1.3310 dollars from 1.3340 dollars of the previous session and the dollar bought 96.68 Japanese yen, higher than 96. 33 yen of the previous session.