Wall Street leapt to record highs as delayed jubilation swept across markets worldwide following the Federal Reserve’s big cut to interest rates.

The S&P 500 jumped 1.7% Thursday, beating the all-time closing high it set in July. The Dow Jones Industrial Average rose 1.3%, also a record, and the Nasdaq composite climbed 2.5%.

The gains followed rallies for markets across Europe and Asia. Some reports on the U.S. economy helped bolster hopes that it can manage to avoid a recession as the Fed continues to cut interest rates now that inflation is receding.

On Thursday:

The S&P 500 rose 95.38 points, or 1.7%, to 5,713.64.

The Dow Jones Industrial Average rose 522.09 points, or 1.3%, to 42,025.19.

The Nasdaq composite rose 440.68 points, or 2.5%, to 18,013.98.

The Russell 2000 index of smaller companies rose 46.37 points, or 2.1%, to 2,252.71.

For the week:

The S&P 500 is up 87.62 points, or 1.6%.

The Dow is up 631.41 points, or 1.5%.

The Nasdaq is up 330 points, or 1.9%.

The Russell 2000 is up 70.21 points, or 3.2%.

For the year:

The S&P 500 is up 943.81 points, or 19.8%.

The Dow is up 4,335.65 points, or 11.5%.

The Nasdaq is up 3,002.63 points, or 20%.

The Russell 2000 is up 225.63 points, or 11.1%.