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.

Copper traded near its highest close in three weeks and other metals were mixed as investors digested the Federal Reserve’s bid to defend US growth and the labor market with a half-point rate-cut.

The market performed better if there wasn’t a subsequent recession or if the economy was already in recession during easing.