US STOCKS-Wall Street climbs on recovery hopes, 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 after seeking relief from lenders
* Indexes up: Dow 0.86%, S&P 0.93%, Nasdaq 1.35%

(Updates to late afternoon, adds commentary, changes byline,
adds New York dateline)
By Sinéad Carew
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 economic adviser Lawrence 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. At least three brokerages
raised their price targets for Apple's stock, and UBS raised its
iPhone shipment estimates a day after the iPhone maker said it
would use its own chips for Mac computers. Data showed that the pace of contraction in the U.S.
manufacturing and services sectors slowed in June as businesses
reopened after lockdowns that started in mid-March. Also, new home sales jumped 16.6% in May, blowing past
estimates of a 2.9% rise. “People are feeling good about the economy, not concerned
about rising coronavirus cases and not being overly concerned
about the election. The beat goes on," said Bob Doll senior
portfolio manager, chief equity strategist at Nuveen.
At 2:15 p.m. ET, the Dow Jones Industrial Average .DJI
rose 223.49 points, or 0.86%, to 26,248.45, the S&P 500 .SPX
gained 29.14 points, or 0.93%, to 3,147 and the Nasdaq Composite
.IXIC added 135.30 points, or 1.35%, to 10,191.77.
Earlier global equity markets had shown some relief from
U.S. 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
roughly 7% below its Feb. 19 record high.
Nine of the 11 major sub-indexes were higher with technology
.SPLRCT and consumer discretionary .SPLRCD posting the
steepest gains. The defensive real estate .SPLRCR and
utilities .SPLRCU sectors slipped.
"If people are feeling more OK about the world, you don't
want to own the more defensive stocks. You want to own stocks
that can benefit from an improving economy,” said Doll.
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 14% 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. Boeing shares were down 1.9%
Advancing issues outnumbered declining ones on the NYSE by a
1.88-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored advancers.
The S&P 500 posted 25 new 52-week highs and no new lows; the
Nasdaq Composite recorded 138 new highs and seven new lows.