The Federal Reserve cut rates by half a percentage point. But the market's reaction only raised more questions. Stocks initially rallied. But by the close, major indexes were slightly lower for the day.

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

Wall Street is roaring toward records as a delayed reaction of jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 was 1.6% higher in early trading Thursday and above its all-time closing high set in July.