Wall Street indexes hit record highs following the Federal Reserve's interest rate cuts, sparking investor enthusiasm. Global markets also saw gains, and longer-term Treasury yields rose. Megacap tech stocks and smaller companies benefited,

Wall Street rallied on Thursday with the S&P 500 hitting another intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.

Most of the U.S. stock market edged lower after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.