S&P 500, Nasdaq rise, but Dow closes lower

(CNBC) — The S&P 500 and Nasdaq composite rose on Wednesday as some of the biggest U.S. companies reported strong quarterly results, lifting investor sentiment.

The broad index gained 0.1 percent to close at 2,708.64, while the tech-heavy Nasdaq climbed 0.2 percent to finish the session at 7,295.24. The Dow Jones industrial average fell 38.56 points to 24,748.07, however, as steep losses from IBM pushed the 30-stock index lower.

Rail transportation company CSX posted quarterly results that easily beat Wall Street estimates, boosted by a series of cost-cutting measures. CSX shares rose 7.8 percent and posted their biggest gain since Jan. 17, when it gained more than 20 percent.

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