Stocks recovered some losses on Thursday, as an upgrade for Apple helped boost some recent declines in technology stocks. The Dow Jones Industrial Average climbed over 200 points, while the S&P 500 Index and Nasdaq Composite added about 0.9% and 1.4%, respectively.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.88% or +41.73 points to 4,780.94

Dow Jones Industrial Average (DIA  ): +0.54% or +201.94 points to 37,468.61

Nasdaq Composite Index (QQQ  ): +1.35% or +200.03 points to 15,055.65

Making headlines, Spirit Airlines (SAVE  ) shares continued to fall on Thursday as the company said it is considering refinancing options after a U.S. judged blocked JetBlue's (JBLU  ) $3.8 billion acquisition of the airline earlier this week. The stock is currently down more than 65% year-to-date.

Separately, Apple (AAPL  ) shares rose after Bank of America upgraded to Buy from Neutral and increased its price target to $225 from $208 on Thursday, citing optimism towards the next gen iPhone and generative artificial intelligence services.

"We upgrade Apple to Buy from Neutral, given: 1) stronger multi-year iPhone upgrade cycle driven by need for the latest hardware to enable Generative AI features to be introduced in 2024/2025 (large part of installed base still on iPhone 11), 2) higher growth in Services as Apple better monetizes its installed base," BofA said in a note.

On the earnings front, Taiwan Semiconductor Manufacturing (TSM  ) shares rose on Thursday after the microchip maker reported better-than-expected fourth-quarter profits and revenue. "In the fourth quarter, revenue increased 14.4% sequentially [from the third quarter], supported by the continued strong ramp of our industry-leading 3-nanometer technology," the company said in its earnings report.

CEO C.C. Wei said during the company's earnings call on Thursday that the company expects the new year "to be a healthy growth year for TSMC, supported by continuous strong ramp-up of our industry-leading three nanometer technologies, strong demand for the five nanometer technologies and robust AI-related demand."

Humana (HUM  ) shares fell nearly 8% on Thursday after the health insurance company reported disappointing fiscal third-quarter results and cut its full-year 2023 guidance due to rising medical costs and slower-than-expected enrollment for its 2024 Medicare Advantage program. The company now expects full-year earnings per share of $20.00 and adjusted earnings per share of $26.09, down from previous guidance of at least $26.31 and $28.25 per share, respectively.

In economic news, construction of new U.S. home fell for the first time in four months in December, the Commerce Department reported on Thursday, as single-family construction fell by the most since July 2022. Residential housing starts decreased by 4.3% last month to a seasonally annualized rate of 1.46 million. Meanwhile, building permits increased to 1.5 million.

Elsewhere, initial unemployment claims totaled 187,000 for the week ended Jan. 13, the Labor Department reported Thursday, marking an unexpected decline of 16,000 from the previous week and below estimates. Continuing claims also decreased by 26,000 to a total of 1.806 milion -- coming slightly below estimates.

For Friday, investors will turn their attention to January's preliminary consumer sentiment report, as well as earnings reports from companies including The Travelers Companies (TRV  ) and State Street Corporation (STT  ).