Investors celebrated the Federal Reserve's super-sized interest rate cut and what is likely the start of a long-time coming easing cycle which should borrowing lower costs for consumers and businesses.

Good news for those building up their 401(k)s: the Dow Jones Industrial Average and S&P 500 closed at record highs after the Fed's rate cuts.

The Dow Jones Industrial Average (SPGI) jumped 522 points Thursday and closed at a new record high, as the Federal Reserve’s decision to slash interest rates by 50 basis points gave fuel to markets.