S&P 500, Nasdaq close at record highs as tech stocks soar

June 5 (UPI) -- Tech firms Nvidia and Apple each closed with market caps at or above $3 trillion, which caused the S&P 500 Index and Nasdaq to close at record highs on Wednesday.

The S&P 500 closed at 5,354.03 Wednesday, which is record high for the index that tracks the 500 largest publicly traded companies

The day's final tally represents a 1.18% increase for the day and a 12.3% increase for the year for the S&P 500.

The Nasdaq Composite likewise posted a record high, closing at 17,187 points, which is a 1.7% increase for the day.

The Dow Jones Industrial Average grew by 96 points during the day's trading, closing at 38,807 and a 0.25% rise.

Nvidia and Apple shares helped boost the day's trading performance as Nvidia closed with market capitalization exceeding $3 trillion for the first time at $3.01 trillion.

Apple also reached $3 trillion in market capitalization for the second time in its history.

Both remain behind market capitalization leader Microsoft at $3.15 trillion.

Many investors also are hopeful the Federal Reserve soon will start cutting its lending rate, which helped boost the day's trading numbers.