Wall Street rises spurred by China data

Stocks pare gains and the Nasdaq Composit index turns negative as weakness in semiconductor shares weighed on the wider market.

The Dow Jones industrial average gains 11.54 points, or 0.11 percent, to 10,426.78. The Standard & Poor's 500 Index gains 1.87 points, or 0.17 percent, to 1,106.05. The Nasdaq Composite Index drops 5.45 points, or 0.24 percent, to 2,230.75.

European shares edged lower, with Deutsche Bank down on talks it plans to raise capital, while other banks pared losses as concerns over capital requirements eased ahead of the release of the Basel III rules.

The pan-European FTSEurofirst 300 index closed 0.1 percent lower at 1,081.02 points, retreating from its highest closing level since late April on Thursday.

Tokyo's Nikkei share average closed 1.6 percent higher, with Fast Retailing and Canon Inc the biggest lifts to the index. The Nikkei is on its way to its biggest weekly increase since the week of July 11.