S&P 500, Nasdaq close at record highs

(CNBC) — The S&P 500 and Nasdaq Composite reached all-time highs on Wednesday as a rally in chip stocks helped investors shake off regulatory concerns facing Big Tech.

The broad index hit a record of 3,018.05 in the final hour of trading, gaining 0.4%. The tech-heavy Nasdaq jumped 0.8%. The VanEck Vectors Semiconductor ETF (SMH) gained 2.8% to hit a record, led by a 7.6% rally in Texas Instruments sparked by better-than-expected quarterly results.

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