Markets on Wall Street were positioned to open at record highs Thursday after the Federal Reserve issued a bigger-than-usual interest rate cut intended to fortify a cooling labor market and prevent a recession.

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,

Wall Street is leaping toward records as a delayed jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 was 1.9% higher in Thursday