US STOCKS-Wall St climbs on signs of economic recovery, Nasdaq hits record high

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Nasdaq scales fifth record high this month
* Nike rises as brokerages boost price targets
* Spirit AeroSystems falls after seeking relief from lenders
* Indexes up: Dow 0.92%, S&P 1.00%, Nasdaq 1.26%

(Adds quote, details; updates prices)
By Devik Jain and Medha Singh
June 23 (Reuters) - Wall Street's three major indexes rose
on Tuesday as improving economic data and the prospect of more
stimulus bolstered hopes of a swift recovery, while a jump in
technology shares powered the Nasdaq to another record high.
White House advisor Larry Kudlow said tax rebates and direct
mail checks are on the table in the next coronavirus relief
bill. The Nasdaq hit a fifth record high this month with Apple Inc
AAPL.O providing the biggest boost after at least three
brokerages raised their price targets, a day after the iPhone
maker said it would use its own chips for Mac computers.
The pace of contraction in U.S. manufacturing and services
sectors slowed in June as businesses reopened after the health
crisis resulted in a lockdown in mid-March.
Another set of data showed new home sales jumped 16.6% in
May, blowing past estimates of a 2.9% rise.
"There's a lot of money on the sidelines and as the country
reopens, as the economy recovers, that money will be forced back
in," said Thomas Hayes, managing member at Great Hill Capital
LLC in New York.
Global equity markets were also boosted by President Donald
Trump's assurance that the Phase 1 trade agreement with China
was "fully intact" after adviser Peter Navarro sparked confusion
by saying the deal was over. While U.S.-China tensions have been a cause for concern,
monetary and fiscal support worth trillions of dollars has in
part powered the benchmark S&P 500 .SPX , with the index just
about 7% below its Feb. 19 record high.
"The market is overbought, but it continues to move higher
and the Fed continues to be supportive," said Peter Cardillo,
chief market economist at Spartan Capital Securities in New
York.
Nine of the 11 major sub-indexes were higher with technology
and consumer discretionary posting the steepest gains. The
defensive real estate .SPLRCR and utilities .SPLRCU were
marginally lower.
At 11:39 a.m. ET, the Dow Jones Industrial Average .DJI
was up 238.16 points, or 0.92%, at 26,263.12, the S&P 500 .SPX
was up 31.06 points, or 1.00%, at 3,148.92. The Nasdaq Composite
.IXIC was up 126.22 points, or 1.26%, at 10,182.70.
Nike Inc NKE.N rose 2% as brokerages raised their price
targets ahead of quarterly results on Thursday.
Boeing Co's BA.N top supplier Spirit AeroSystems Holdings
SPR.N slipped 5.8% after it said it was seeking relief from
lenders as its finances were stretched by the COVID-19 pandemic
and a 737 MAX production halt. Micron Technology Inc MU.O slipped 2.6% as BMO downgraded
the chipmaker's shares to "market perform".
Advancing issues outnumbered decliners by a 1.87-to-1 ratio
on the NYSE and by a 1.68-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and no new low,
while the Nasdaq recorded 124 new highs and six new lows.