S&P 500 and Nasdaq close at record highs behind tech rally

July 24 (UPI) -- The S&P 500 and Nasdaq Composite closed at record highs on Wednesday as tech stocks rallied.

The S&P 500 climbed 0.47 percent to 3,019.56 led by an 8.66 percent increase in UPS stock and the Nasdaq rose 0.85 percent to 8,321.50 as Texas Instruments stock shot up by 7.44 percent due to better than expected quarterly results.

Meanwhile, the Dow Jones Industrial Average fell 79 points or 0.29 percent after Caterpillar stock fell 4.54 percent and Boeing slid 3.08 percent after poor earnings reports.

Stocks for Facebook, Amazon and Google's parent company, Alphabet, rebounded slightly after falling after the Department of Justice announced an antitrust review of U.S. tech companies on Tuesday.