U.S. stocks rose Thursday afternoon, averting a third consecutive day of declines, as the economic picture continued to brighten. The broad S&P 500 index fell as much as nearly 1% earlier in the session before recouping all of that and more, rising 20.38 points, or 0.5%, to 3909.52. Stocks closely tied to an economic recovery led the rebound while shares of technology and other high-growth companies narrowed some of their losses. These moves helped the S&P 500, as well as the Dow industrials and the Nasdaq Composite, avoid another session of losses. Thursday’s give-and-take was the latest episode in a volatile stretch of trading over the last month that has sapped major indexes of most of their gains from earlier this year and left the Nasdaq Composite mostly flat since the end of December. Signs of a resurgent economy, rising interest rates and nascent inflation have spurred a massive rotation into so-called value stocks that benefit from an economic rebound—such as manufacturers, banks and retailers. Meanwhile, investors have been pulling money out of tech companies, viewing those high-price stocks as particularly vulnerable to the shifting economic winds. Much of that narrative hasn’t changed despite the gains major indexes scored on Thursday, analysts said, adding that investors should brace for more topsy-turvy sessions.