US stocks surged to record highs after the Federal Reserve delivered a major 50-basis-point interest rate cut, its first in four years. This decision has bolstered investor confidence, with the S&P 500 gaining 1.

The Dow Jones and the S&P 500 surged to all-time highs in the wake of the Federal Reserve's announcement that it was lowering interest rates by half a percentage point.

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 S&P 500 surged to a record high close on Thursday, the day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon. The blue chip Dow Jones Industrial Average also registered a record closing high,