Wall Street ends higher as traders return to AI stocks

FILE PHOTO: The Wall Street sign is pictured at the New York Stock Exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo

WALL Street ended sharply higher on Monday, fueled by gains in AI-related stocks, with Meta Platforms climbing after a report that it is preparing for sweeping layoffs, while oil prices retreated amid ongoing uncertainty about the Middle East conflict.

Meta jumped 2.3% after Reuters reported that the social media platform plans to shrink its workforce by at least 20% to offset costly artificial-intelligence infrastructure bets and prepare for greater efficiency brought about by AI-assisted workers.