US STOCKS-Wall St higher after bullish Bullard comments

* Fed's Bullard sees no risk from high oil

* Buffett says Berkshire eager to make acquisitions

* Indexes up: Dow 0.7 pct, S&P 0.6 pct, Nasdaq 0.6 pct

* For up-to-the-minute market news see [STXNEWS/US] (Updates to open, adds PMI data)

By Ryan Vlastelica

NEW YORK, Feb 28 (Reuters) - U.S. stocks rose on Monday after bullish comments from a Federal Reserve official eased concerns that high oil prices could hurt economic activity.

Also helping equities, billionaire investor Warren Buffett, chairman of Berkshire Hathaway Inc , said in his widely read annual letter the conglomerate was looking to make "major acquisitions," a sign stocks may be cheap. Berkshire's Class B shares rose 1.9 percent to $86.50. For details, see [ID:nN26170376] and [ID:nN27180671]

James Bullard, president of the St. Louis Fed, said the U.S. economy should do well in 2011 and that oil prices are not currently a drag on the recovery. [ID:nN28223114]

April crude futures fell 0.6 percent to $97.35 per barrel after Saudi Arabia reassured on supply concerns as protests spread to oil producer Oman. [ID:nL3E7DS0B9]

"If oil prices rise further it will restrain economic growth, but with no further escalations, at current levels it isn't going to cause a recession," said Jason Pride, director of investment strategy at Glenmede Investment and Wealth Management in Philadelphia.

The Dow Jones industrial average <.DJI> advanced 78.94 points, or 0.65 percent, at 12,209.39. The Standard & Poor's 500 Index <.SPX> was up 7.88 points, or 0.60 percent, at 1,327.76. The Nasdaq Composite Index <.IXIC> rose 16.02 points, or 0.58 percent, at 2,797.07.

Equities had their worst performance since November last week on worries related to the Libyan uprising. [ID:nLDE71Q0MP] and [O/R]

Exxon Mobil Corp was the top gainer on the Dow, adding 1.3 percent to $86.42, followed by Hewlett-Packard Co , up nearly 2 percent to $43.48.

U.S.-listed shares of HSBC Holdings Plc fell 4.2 percent to $54.82 after the banking group cut its profit targets due to costs from tougher banking regulations. [ID:nLDE71R0H3]

In the latest economic data, pending home sales fell 2.8 percent in January, a steeper decline than expected. Stocks were little impacted by the data. [ID:nWALSDE71Q]

The Institute for Supply Management-Chicago said its index of Midwest business activity rose more than forecast in February to 71.2 from 68.8 in January. [ID:nDYE7DH00C] (Editing by Jeffrey Benkoe)