Wall Street romped to records as a delayed jubilation swept markets worldwide following the Federal Reserve's big cut to interest rates.

The S&P 500 and the Dow hovered near their record highs and were on track for weekly gains of over 1%, along with the tech-heavy Nasdaq

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.