Markets on Wall Street were positioned to open at record highs Thursday after the Federal Reserve issued a bigger-than-usual interest rate cut intended to fortify a cooling labor market and prevent a recession.

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 jumps to record highs as global markets cheer Fed rate cut.