US STOCKS-Wall St cuts losses to close flat; Alphabet jumps after hours
* Chinese factory activity contracts at fastest pace since 2012
* Twitter jumps after talk of private equity deal
* Indexes: Dow down 0.1 pct, S&P down 0.04 pct, Nasdaq up 0.1 pct (Updates to close)
By Caroline Valetkevitch
Feb 1 (Reuters) - Strong gains in Facebook and Alphabet helped Wall Street cut losses and stage a late-day rally, with major indexes closing near the unchanged mark.
Alphabet rose up 1.2 percent at $770.77 ahead of its results. After the bell, the Internet giant's stock jumped 9 percent and the company became the most valuable in the United States, surpassing the market cap of Apple.
Twitter jumped 6.6 percent at $17.91 after talk of a private equity deal.
Stocks had been lower earlier in the day as weak Chinese economic data added to concerns about a global slowdown and oil prices resumed their slide. The manufacturing sector in the world's second-largest economy contracted in January at the fastest pace since 2012.
"Maybe people were relieved that there wasn't a selloff and that kind of brought some buyers into the market," said Eric Kuby, chief investment officer, North Star Investment Management Corp in Chicago. Continuación...