Wall Street is rising toward records as a delayed reaction of jubilation sweeps markets following the Federal Reserve’s big cut to interest rates. The S&P 500 was 1.5% higher in

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.

Indexes rose Thursday as investors digested Wednesday's jumbo rate cut from the Fed and a fall in weekly jobless claims.