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

The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The Dow Jones industrial average leaped 522 points, or 1.3%, to beat its own record set on Monday, and the Nasdaq composite led the market with a 2.5% spurt.

The rally was widespread, and the company behind Olive Garden and Ruth’s Chris, Darden Restaurants, led the way in the S&P 500 with a jump of 8.3%. It said sales trends have been improving since a sharp step down in July, and it announced a delivery partnership with Uber.

Nvidia, meanwhile, barreled 4% higher and was one of the strongest forces lifting the S&P 500.

Wall Street’s gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday.

It was a momentous move, closing the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation.

In the bond market, the yield on the 10-year Treasury held steady at 3.71%, where it was late Wednesday. The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.58% from 3.63%.

On Wall Street, the S&P 500 rose 95.38 points to 5,713.64. The Dow jumped 522.09 to 42,025.19, and the Nasdaq composite leaped 440.68 to 18,013.98.

In stock markets aboard, indexes climbed even more across the Atlantic and Pacific oceans. They rose 2.3% in France, 2.1% in Japan and 2% in Hong Kong.

The FTSE 100 added 0.9% in London after the Bank of England kept interest rates there on hold. The next big move for a central bank arrives Friday, when the Bank of Japan will announce its latest decision on interest rates.

— Associated Press