Wall Street romped to records as a delayed jubilation swept markets worldwide following the Federal Reserve's big cut to interest rates.

U.S. stock indexes are drifting near their records Monday as Wall Street gears up for the most anticipated meeting of the Federal Reserve in years.The S&P 500 was 0.1% lower in afternoon trading after flitting between gains and losses earlier in the morning.

Wall Street is hanging near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates