NEW YORK (AP) — Wall Street capped a volatile week with a big advance Thursday, rebounding from a steep sell-off as investors sought bargains and cheered a milder-than-expected drop in a regional manufacturing report.
The Dow Jones industrial average rose about 260 points Thursday, giving the blue chips a gain of more than 3 percent for the week. Broader indexes posted gains of 2 percent to 3 percent for the week. The markets are closed for Good Friday.
Besides the manufacturing reading from the Philadelphia Federal Reserve, a plunge in commodities prices gave investors some hope that lower energy and food prices might boost consumers' discretionary spending and ease inflation concerns. Crude oil fell, while gold prices declined sharply.
According to preliminary calculations, the Dow rose 261.66, or 2.16 percent, to 12,361.32.
Broader stock indicators also advanced. The Standard & Poor's 500 index rose 31.09, or 2.39 percent, to 1,329.51, and the Nasdaq composite index rose 48.15, or 2.18 percent, to 2,258.11.
