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

The S&P 500 is hovering just below record territory, driven by a revived rally as bets have grown that the Federal Reserve will cut interest rates by half a percentage point.

Fed chief Powell says the move will shore up the labor market while it's strong. Stocks closed down with traders looking for even more aggressive cuts this year.