Wall Street is roaring toward records Thursday as a delayed jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 was 1.5% higher in early trading and above its all-time closing high set in July.

Over the past couple of years, the US economy has wrung out inflation like dirty mop water from just about every sector — except for the housing market, which remains paralyzed by high prices and chronically low supply.

U.S. stocks rose after the Federal Reserve lowered its benchmark interest rates by 50 basis points to a range of 4.75% to 5%. That was the first rate cut in over four years that marked the beginning of a monetary-easing cycle in the world's largest economy.

The Federal Open Market Committee (FOMC) wrapped up its regularly scheduled two-day policy meeting by cutting the short-term federal funds rate by 50 basis points (bps), or 0.5%, to a target range of 4.75% to 5%. Markets were essentially split on whether the Fed's rate-setting committee would ease by 25 bps or 50 bps heading into the decision.

Good news for those building up their 401(k)s: the Dow Jones Industrial Average and S&P 500 closed at record highs after the Fed's rate cuts.

Investors celebrated the Federal Reserve's super-sized interest rate cut and what is likely the start of a long-time coming easing cycle which should borrowing lower costs for consumers and businesses.

The momentous move by the Fed helps financial markets in two big ways. It eases the brakes off the economy, which has been slowing under the weight of higher rates, and it gives a boost to prices for all kinds of investments.

Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 was