Investors celebrated the Federal Reserve's super-sized interest rate cut and what is likely the start of a long-time coming easing cycle which should borrowing lower costs for consumers and businesses.

U.S. stocks roared higher Thursday, with the Dow Jones Industrial Average topping the 42,000 milestone for the first time and the S&P 500 also surging to a record close, a day after Federal Reserve Chair Jerome Powell repeatedly used variations on the word “recalibrate” to describe the decision to deliver an extra-large,