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 Federal Reserve's closely followed overnight reverse-repo facility already has begun to reflect Wednesday's big interest-rate cut. Wall Street firms rushed to park extra cash overnight at the facility in the wake of the pandemic,

Global stock markets rallied Thursday, with major US indices surging to all-time highs after the Federal Reserve delivered a bumper interest-rate cut and pledged further reductions. Following an up day in Europe and Asia that also lifted Frankfurt to a record,