US STOCKS-Trade hopes buoy Wall Street as China extends olive branch

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* S&P 500 closes above 3000
* Apple leads S&P 500, Nasdaq higher
* Boeing provides biggest boost to the Dow
* China exempts 16 types of U.S. goods from tariffs
* Indexes up: Dow 0.85%, S&P 500 0.72%, Nasdaq 1.06%

(Updates to market close)
By Stephen Culp
NEW YORK, Sept 11 (Reuters) - Wall Street moved higher on
Wednesday, led by tariff-sensitive technology and industrial
stocks after China extended an olive branch ahead of next
month's trade negotiations with the United States.
The S&P 500 closed above the 3,000 mark for the first time
since July 30.
Apple Inc AAPL.O provided the biggest boost to the S&P 500
and the Nasdaq the day after it unveiled its latest iPhone
upgrade and announced the launch date of its Apple TV+ streaming
service.
Its shares rose 3.2%, once more lifting the company's value
above the $1 trillion mark.
The blue-chip Dow, led by Boeing Co BA.N , posted its sixth
consecutive daily gain. Boeing, the largest U.S. exporter by
dollar value, gained 3.6%.
China announced tariff exemptions for a basket of U.S.
goods, a move viewed by many investors as a show of good faith
just weeks ahead of planned talks aimed at resolving the trade
war, which has bruised world economies and rattled markets for
months.
However, a senior White House adviser urged investors to be
patient in an effort to curb expectations for the trade talks
scheduled to take place next month in Washington. "The general market still believes that a real deal is
possible and all of these moves by the White House and China are
simply negotiating tactics," said Tim Ghriskey, chief investment
strategist at Inverness Counsel in New York. "(But) that belief
swings on a daily basis based on tweets and statements from
China.
"Right now we're swinging a bit toward the chance of a deal
being made in a reasonable time frame," Ghriskey added.
In a series of morning tweets, President Donald Trump called
on the U.S. Federal Reserve to slash interest rates into
negative territory, a move typically seen as a last-ditch effort
to revive sluggish economies. "The experiment of negative interest rates has certainly
proved to be flawed in both the ECB and Japan and I certainly
think it's something the United States should probably try to
avoid at all costs," said Art Hogan, chief market strategist at
National Securities in New York.
Markets still expect the Fed to cut interest rates by 25
basis points at the conclusion of its monetary policy meeting
next week.
U.S. Treasury yields rose for the third straight session
ahead of the European Central Bank's (ECB) meeting on Thursday.
The Dow Jones Industrial Average .DJI rose 227.61 points,
or 0.85%, to 27,137.04, the S&P 500 .SPX gained 21.54 points,
or 0.72%, to 3,000.93 and the Nasdaq Composite .IXIC added
85.52 points, or 1.06%, to 8,169.68.
Of the 11 major sectors in the S&P 500, all but real estate
.SPLRCR closed in the black.
Chipmaker Micron Technology Inc MU.O rose 2.2% after
Longbow Research upgraded the stock to "buy." The Philadelphia SE Semiconductor Index .SOX was up 1.5%.
Oilfield services firm Baker Hughes A GE Co BHGE.N
registered the biggest percentage drop in the S&P 500, falling
7.5%, following news that parent General Electric GE.N would
sell $3 billion in Baker Hughes shares, resulting in a loss of
GE's majority stake. Advancing issues outnumbered declining ones on the NYSE by a
2.53-to-1 ratio; on Nasdaq, a 2.97-to-1 ratio favored advancers.
The S&P 500 posted 25 new 52-week highs and no new lows; the
Nasdaq Composite recorded 58 new highs and 12 new lows.
Volume on U.S. exchanges was 7.59 billion shares, compared
with the 6.85 billion average over the last 20 trading days.