Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July.

Just as Wall Street traders come to grips with the Federal Reserve’s interest-rate cut, Friday’s US options expiration threatens to whipsaw the market some more.

Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.

Markets in Europe and Asia shot higher on Thursday 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.