US STOCKS-S&P 500 ends higher on growing hopes Fed will stay accommodative

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* Citi, JPM shares pressure decline
* Apple shares dip in wake of event

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By Caroline Valetkevitch
Sept 15 (Reuters) - The S&P 500 ended up slightly on Tuesday
as investors hoped the Federal Reserve would stick with its
supportive policy stance as the central bank's two-day meeting
got under way.
Apple Inc shares AAPL.O rose on Monday and early in
Tuesday's session, giving the indexes a boost. But Apple turned
slightly lower in the wake of its product event, which included
the rollout of a new virtual fitness service and a bundle of all
its subscriptions, Apple One. The stock often dips after running
up prior to that event. The Nasdaq also rose and outperformed the other two major
indexes, while the S&P 500 index .SPLRCT gained, extending its
recovery from a brutal sell-off earlier this month that had
halted a Wall Street rally.
In its first policy meeting since Fed Chair Jerome Powell
announced a more accommodative stance on inflation, the central
bank could switch its Treasury purchases toward more long-dated
debt to keep long-term yields low, some strategists said.
"While the economy is slowing, the upcoming macro news
should be friendly, which should indicate the Fed will have no
change in terms of policy," said Peter Cardillo, chief market
economist at Spartan Capital Securities in New York.
Data on Tuesday showed U.S. factory output increased
strongly in August. Separately, U.S. import prices increased
more than expected for the same month, supporting the view that
inflation pressures were building up. Unofficially, the Dow Jones Industrial Average .DJI rose
1.42 points, or 0.01%, to 27,994.75, the S&P 500 .SPX gained
17.58 points, or 0.52%, to 3,401.12 and the Nasdaq Composite
.IXIC added 133.67 points, or 1.21%, to 11,190.32. ROBOT
The S&P 500 financial index .SPSY fell, with Citigroup Inc
C.N dropping following a report that federal regulators were
preparing to reprimand the U.S. lender for failing to improve
its risk-management systems. JPMorgan Chase & Co JPM.N also slipped as it lowered its
full-year net interest income forecast.