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.

The Federal Reserve cut rates by half a percentage point. But the market's reaction only raised more questions. Stocks initially rallied. But by the close, major indexes were slightly lower for the day.