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STORY: The S&P 500 closed at a record high on Thursday as Wall Street rallied one day after the Federal Reserve cut interest rates by an upsized 50 basis points.

The Dow added one-and-a-quarter percent, the S&P jumped 1.7% and the Nasdaq soared 2.5%.

Fed Chair Jerome Powell on Wednesday indicated the rate cut, which was at the higher end of expectations, would be followed by future cuts given the strength of the economy.

Liz Miller is president of Summit Place Financial Advisors.

"I hope to see another 50 basis points before year end. Chairman Powell certainly didn't promise that, or even signal that, but where we are with the rest of our data looks like we're on a trend where we can start bringing this down. We're certainly on target for 2% inflation. Employment has been soft but is still at high absolute levels. So what it becomes a question of, is the Fed gonna pivot its priority from price stability to growth? And investors certainly want to see the priority of growth moving higher."

Heavyweight stocks that have led much of this year's rally, including Tesla, Apple, Nvidia and Meta Platforms, all saw significant gains.

Making big moves in extended trading were shares of Fedex, which dropped 10% after the company cut its revenue target for its fiscal 2025.

And shares of Nike gained 10% in after-hours trading on news that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant looks to revive sales amid rising competition.