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* S&P 500, Dow set to snap three-week losing streak
* Eyes on Trump meeting with Chinese show premieres  * Indexes up: Dow 1.8%, S&P 500 1.7%, Nasdaq 2% (Late afternoon Updates)
By Caroline Valetkevitch
NEW YORK, October 11 (Reuters) – US Stocks Rise on Friday as hope grew that talks between President Donald Trump and Chinese Deputy Prime Minister Liu Han would culminate with a partial trade agreement and delay planned US tariff increases.
Cyclical media was among today's best-performing groups, with industrial and others up more than 2% ahead of the third quarter revenue season, which begins next week. Shares of Apple Inc also hit record highs.
The Trump-Liu meeting was set this afternoon in the White House. Top-level discussions between the two countries ended their second day on Friday.
"There are marginal advances in trading, it seems," said Keith Lerner, chief marketing strategist at SunTrust Advisory Services in Atlanta.
That, along with other factors, increases stocks, he said. "It reinforces our view that the path to least resistance is ahead of the market."
The S&P 500 and the Dow Jones indices appeared to break a three-week lost streak of optimism for the world's top two economies to cool their line before several US tariffs kicked off next week.
The Dow Jones Industrial Average rose 476.31 points, or 1.8%, to 26,972.98, the S&P 500 gained 51.14 points, or 1.74%, to 2,989.27, and the Nasdaq Composite added to 158.41 points, or 1.99%, to 8109.20.
The S&P 500 Bank Index jumped on expectations that strengthening mortgages and cheap valuations could lend support to some of the largest US lenders.
However, analysts expect S&P 500 revenues to decline 3.2% year-on-year in the third quarter, which should mark the first decline since 2016, according to IBES data from Refinitive.
Games for further interest rate cuts by the Federal Reserve fell after data showed an increase in consumer sentiment for the month of October.  Apple rose as Wedbush lifted its price target, citing confidence in the company's new video streaming service.
The industrial index was boosted by an increase in shares in Fastenal Co after the industrial distributor beat quarterly earnings expectations.
Progress issues were above the number that fell on the NYSE with a ratio of 3.86 to 1.
The S&P 500 posted 26 new highs in 52 weeks and no new lows; Nasdaq Composite registered 43 new highs and 49 new lows. (Additional reporting by April Joyner in New York and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Louise Heavens)