US stocks close higher; Dow gains nearly 390 pts

At the end of trading, the Dow Jones Industrial Average rose 0.83%, or 387 points, to 46,946 points.

The broader S&P 500 gained 1%, or 67 points, to 6,699 points, while the Nasdaq Composite advanced 1.22%, or 268 points, to 22,374 points.

Meta shares rose 2.33% to $627.45 following reports that the Facebook parent plans to lay off 20% of its workforce, which the company described as “speculation.” Nvidia shares also gained 1.63% to $183.19 as its annual conference kicked off.

Across the Atlantic, the Stoxx Europe 600 rose 0.44% to 598 points, driven by positive performance in most sectors.

The UK’s FTSE 100 rose 0.55% to 10,317 points, Germany’s DAX gained 0.50% to 23,564 points, and France’s CAC 40 added 0.31% to 7,935 points.

In Japan, the Nikkei 225 fell 0.13% to 53,751 points, while the broader Topix declined 0.50% to 3,610 points.

In oil markets, Brent crude futures for May delivery fell 2.84%, or $2.93, to $100.21 per barrel.

US Nymex crude futures for April delivery dropped 5.28%, or $5.21, to $93.50 per barrel.

As for gold, futures for April delivery declined 1.19%, or $59.50, to $5,002.20 per ounce.

Wall Street saw a partial rebound as oil prices declined, amid US pressure on countries to help secure navigation through the Strait of Hormuz. However, some opposing stances kept uncertainty elevated, as markets brace for the Federal Reserve meeting scheduled this week.