NEW YORK, May 14 (Reuters) - U.S. stocks fell on Monday but rebounded off lows of more than 1 percent, continuing a recent trend of cutting losses around the close of European markets. Equities remained lower as a political impasse in Greece heightened concerns about Europe's debt crisis and fears mounted about an economic slowdown in China. The Dow Jones industrial average was down 85.44 points, or 0.67 percent, at 12,735.16. The Standard & Poor's 500 Index was down 9.31 points, or 0.69 percent, at 1,344.08.

The Nasdaq Composite Index was down 17.36 points, or 0.59 percent, at 2,916.46.