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.

Major stock markets in the Gulf rose in early Thursday trade after most central banks in the region cut their key interest rates following a larger than usual policy easing by the U.S. Federal Reserve.