U.S. stocks staged a late-day comeback on Thursday, boosted by economic comeback plays as the market rebounded from a two-day losing streak.

The S&P 500 closed 0.5% higher at 3,909.52, wiping out a 0.9% intraday loss. 

The market experienced some weakness earlier in the day as Federal Reserve Chairman Jerome Powell hinted at one day starting to remove the stimulus that has boosted the market during the pandemic.

Investors pored over a better-than-expected reading on weekly jobless claims. The Labor Department said first-time claims for unemployment insurance totaled 684,000 for the week ended March 20, lower than an estimate of 735,000 from economists surveyed by Dow Jones.

Plan A : Long if market supported firm above 3915. Targets are 3931, 3946 and 3962.

Plan B : Short if market failed to support above 3915. Targets are 3891, 3865 and 3840.

Stock futures moved modestly higher on Thursday evening as Wall Street looked to build off a strong close in afternoon trading.

The Nasdaq Composite also eked out a 0.1% gain to close at 12,977.68 as some major technology stocks reserved losses. Tesla rose 1.6%, while Apple closed in the green.

Futures were boosted by bank stocks, which rose after the Fed announced that banks could resume buybacks and raise dividends starting at the end of June. The central bank originally said it would lift pandemic era restrictions in the first quarter, but even the delayed move gives investors more clarity.

On the economic data front, investors will get another look at inflation possibilities on Friday, with reports due for personal income and consumption expenditures in February.

Plan A : Long if market supported firm above 12771. Targets are 12805, 12838 and 12879.

Plan B : Short if market failed to support above 12771. Targets are 12729, 12690 and 12649.

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Plan A : Remain sell as long as oil price trades below 60.6. Targets are 59.3 and 57.3. 

Plan B : Consider long only if oil price able to trade firmly above 59.3. Targets are 60.6 and 61.6.