NEW YORK—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, while broader indexes finished the week with gains of 2 percent to 3 percent. The markets are closed for Good Friday.

Besides the manufacturing reading from the Philadelphia Federal Reserve, a plunge in commodities prices gave investo...

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