US STOCKS-Wall Street gains on signs of economic recovery, Nasdaq hits record high

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* Nasdaq scales fifth record high this month
* Nike rises as brokerages boost price targets
* Spirit AeroSystems falls as it seeks relief from lenders
* Indexes up: Dow 0.66%, S&P 0.71%, Nasdaq 0.76%

(Updates to open)
By Devik Jain and Medha Singh
June 23 (Reuters) - Wall Street's three major indexes rose
on Tuesday as the pace of decline in business activity slowed,
bolstering hopes that the worst of the coronavirus crisis was
over.
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 it announced
it would use its own chips for Mac computers. The upbeat data on manufacturing and services sectors
follows similar surveys from Europe earlier in the day as
businesses reopened after the health crisis resulted in a
lockdown in mid-March. The economically-sensitive financial index .SPSY rose
1.3%, topping gains among all the 11 major S&P sub-indexes.
Global equity markets were also boosted by President Donald
Trump's assurance that the Phase 1 trade agreement with China
was "fully intact". While tensions between Washington and Beijing this year 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.
"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.
"And then probably, we start to take a rest towards the end
of the summer for a little bit before the economy truly starts
to catch up to where the market is."
At 10:09 a.m. ET, the Dow Jones Industrial Average .DJI
was up 171.55 points, or 0.66%, at 26,196.51, the S&P 500 .SPX
was up 22.01 points, or 0.71%, at 3,139.87. The Nasdaq Composite
.IXIC was up 76.17 points, or 0.76%, at 10,132.64.
Nike Inc NKE.N rose 1.4% 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 0.8% as BMO downgraded
the chipmaker's shares to "market perform".
Advancing issues outnumbered decliners by a 3.24-to-1 ratio
on the NYSE and by a 2.71-to-1 ratio on the Nasdaq.
The S&P index recorded 18 new 52-week highs and no new low,
while the Nasdaq recorded 103 new highs and four new lows.