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.

Gold prices gained on Wednesday, as investors awaited for the Federal Reserve to start its U.S. monetary easing cycle for the first time in over four years. Spot gold rose 0.3% to $2,577.75 per ounce as of 9:30 a.

The cut, and the prospect of more before the end of the year, pushed MSCI's 47-country world stocks index close to a record high. Wall Street futures were up after the S&P 500 hit its own all-time peak overnight [.N], and Europe also opened strongly. [.EU]

Asian markets built Friday on the latest global rally after a jumbo US interest rate cut this week, while the yen edged up after the Bank of Japan (BoJ) decided against another hike.

Major stock markets in the Gulf rose in early Thursday trade after most central banks in the region cut their key interest rates following a larger than usual policy easing by the U.S. Federal Reserve.

Asian markets have forged higher after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates

U.S. stock index futures edged lower on Friday, pausing after the previous session's rally set Wall Street's main indexes on track for weekly gains following the Federal Reserve's pivotal stance on monetary policy earlier in the week.

Wall Street jumps to record highs as global markets cheer Fed rate cut.