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 ripped gains on Thursday, with market participants taking confidence from the Fed's bumper half-point rate cut the previous day. Read more here.