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.

Fed chief Powell says the move will shore up the labor market while it's strong. Stocks closed down with traders looking for even more aggressive cuts this year.

U.S. stocks shot higher on Wednesday after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years. Citing a "greater confidence" that inflation is moving towards the central bank's 2% target,