Indexes rallied Thursday, with tech stocks leading the Nasdaq to rise 2.5% as investors continued to digest Wednesday's jumbo rate cut from the Fed.

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.

Over the past couple of years, the US economy has wrung out inflation like dirty mop water from just about every sector — except for the housing market, which remains paralyzed by high prices and chronically low supply.