Investors celebrated the Federal Reserve's super-sized interest rate cut and what is likely the start of a longtime coming easing cycle that should lower borrowing costs for consumers and businesses.

U.S. stocks rose after the Federal Reserve lowered its benchmark interest rates by 50 basis points to a range of 4.75% to 5%. That was the first rate cut in over four years that marked the beginning of a monetary-easing cycle in the world's largest economy.