Wall Street romped to records as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates.

The S&P 500 is hovering just below record territory, driven by a revived rally as bets have grown that the Federal Reserve will cut interest rates by half a percentage point.

Wall Street ripped gains on Thursday, with market participants taking confidence from the Federal Reserve's bumper half-point rate cut the previous day and jumping back into growth stocks. With a night to digest the Fed's decision,