New York, March 1 (DPA) Wall Street stocks gained Monday after investment guru Warren Buffett signalled over the weekend he was ready to begin making acquisitions.

"Our elephant gun has been reloaded, and my trigger finger is itchy," the closely watched "Oracle of Omaha" wrote Saturday in his annual letter to investors.

High oil prices that had weighed on stocks last week retreated as Saudi Arabia said it would try to make up for production lost due to unrest in Libya.

Oil prices were off Monday after hitting more than two-year highs, amid reports that Saudi Arabia was willing to compensate for the reduced output in Libya.

The blue-chip Dow Jones Industrial Average climbed 95.89 points, or 0.79 percent, to 12,226.34. The broader Standard and Poor's 500 Index rose 7.34 points, or 0.56 percent, to 1,327.22. The technology-heavy Nasdaq Composite Index jumped 1.22 points, or 0.04 percent, to 2,782.27.

The US currency fell to 72.45 euro cents from 72.74 euro cents Friday. The dollar rose against the Japanese currency to 81.79 yen from 81.65 yen.