The Federal Reserve's closely followed overnight reverse-repo facility already has begun to reflect Wednesday's big interest-rate cut. Wall Street firms rushed to park extra cash overnight at the facility in the wake of the pandemic,

Wall Street's main indexes jumped at the open on Thursday, with the S&P 500 notching an intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.

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.