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.

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]