Wall Street achieved record highs on Thursday following the Federal Reserve's first interest rate cut in over four years, with the S&P 500 rising 1.7%, the Dow Jones up 1.3%, and the Nasdaq climbing 2.5%. The rally was broad-based, notably led by Darden Restaurants, which surged 8.3% after reporting improved sales trends. Nvidia also gained 4%, benefiting from reduced interest rate concerns that had previously cast doubt on the valuations of major tech stocks. The Fed's decision to cut rates was a response to decreased inflation, allowing focus to shift towards stabilizing the job market and avoiding recession. Despite a muted initial reaction to the announcement, markets across Europe and Asia also experienced gains in response. Analysts expressed relief at the Fed's projections for further rate cuts, viewing the current economic outlook as stable with no imminent downturn anticipated.