Research in Motion shares edged higher after the company announced it will launch its BlackBerry 10 on January 30.

Shares of Titanium Metals Corporation rallied following Friday's late news that Precision Castparts would acquire the firm for $16.50 per share, valuing Titanium Metals at $2.9 billion.

JC Penney shares fell to a new 52-week low after being downgraded by Credit Suisse. The retailer, which reported disappointing results last week, continues to struggle with overhauling its image. JC Penney was the worst performer on the S&P 500 Monday.

Currencies and commodities: The dollar was flat against the euro and the Japanese yen but rose slightly versus the British pound.

Oil for December delivery fell 50 cents to settle at $85.57 a barrel.

Gold futures for December delivery settled unchanged at $1,730.90 an ounce.