Wall Street shines after Buffett takes bite of Apple

News Monday that billionaire investor Warren Buffett has taken a $1-billion bite into Apple helped push Wall Street higher, but European stock markets were hobbled by disappointing Chinese data.

The $1 billion stake in Apple was revealed in a regulatory filing by Buffett's holding company Berkshire Hathaway after Apple shares skidded last week to their lowest level in two years.

Buffett's entry comes weeks after another billionaire, Carl Icahn, announced he had sold all his Apple holdings after an extended campaign to get the company to deliver more value to shareholders.

Apple shares were up 2.9 percent to $93.18 in late morning trading, while the Dow Jones Industrial Average added 0.8 percent.

Anacor Pharmaceuticals, a California biotech firm, shot up 55.7 percent on news it reached a deal to be bought by pharma giant Pfizer for $5.2 billion. Dow member Pfizer was flat.

Petroleum-linked shares bounced on higher oil prices. Apache, EOG Resources, Halliburton and Baker Hughes all rose around 3 percent.

In Europe, London managed to end the day with a gain of 0.2 percent, pulled up by energy and mining stocks.

But for most of the day it had been down along with other European indices as investors fretted over fresh evidence of China's economic slowdown.

Paris dipped 0.2 percent.

Trade was subdued however owing to a holiday closure in Frankfurt.

"It was Monday Blues in European markets after weak economic data from China released over the weekend added to investor woes...," said CMC Markets analyst Jasper Lawler.

Chinese industrial output, retail sales and fixed-asset investment all came in below expectations, the latest disappointing data out of Beijing following below-par trade figures the previous weekend.

"The Whit Monday holiday has dampened trading volumes," he added.

- Asia rallies -

Asian markets however rallied following sharp losses last week.

Shanghai stocks finished 0.8 percent higher despite the weak data, buoyed by central bank assurances that it would continue with policies to support growth.

Meanwhile Tokyo investors cheered a report Saturday in the respected Nikkei business daily that Prime Minister Shinzo Abe had told officials he wants to put off a consumption tax rise to avoid damaging the already tottering economy. It is not known how long he intends to postpone it.

The last rise in April 2014 -- the nation's first in 17 years -- was blamed for stalling a nascent recovery and pushing Japan into a recession from which it has hardly recovered.

While experts say Tokyo must raise tax revenue to deal with soaring debts and pay for the ballooning cost of welfare as the population ages, a delay is seen as crucial to support economic growth.

Japan's benchmark Nikkei shares index closed 0.3 percent higher, with a weaker yen also providing support.

Attention now turns to Wednesday's release of Japanese first-quarter economic growth figures.

- Key figures around 1530 GMT -

London - FTSE 100: UP 0.2 percent at 6,151.4 points (close)

Paris - CAC 40: DOWN 0.2 percent at 4,312.28 (close)

Frankfurt - DAX 30: Closed for a public holiday

EURO STOXX 50: UP 0.6 percent at 2,951.81

New York - Dow: UP 0.8 percent at 17,668.38

New York - S&P 500: UP 0.7 percent at 2,060.34

New York - Nasdaq: UP 1.0 percent at 4,763.44

Tokyo: Nikkei 225: UP 0.3 percent at 16,466.40 (close)

Shanghai - Composite: UP 0.8 percent at 2,850.86 (close)

Hong Kong - Hang Seng: UP 0.8 percent at 19,883.95 (close)

Euro/dollar: UP at $1.1330 from $1.1309 Friday

Dollar/yen: UP at 108.87 yen from 108.63 yen