Markets took a breather on Friday, with stock futures little changed in premarket trading after rallying to record highs yesterday on the Fed's supersized rate cut earlier in the week.

The 30-stock Dow Jones index gained 522.09 points, or 1.26 percent, closing at 42,025.19, its first close above the 42,000 mark. The S&P 500 increased by 1.7 percent, ending at 5,713.64, surpassing 5,700 for the first time. The Nasdaq Composite also rose sharply by 2.51 percent to close at 18,013.98.

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