The Dow rose 228 points, or 0.6%, to surpass its prior all-time high set a few weeks ago. The S&P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1% to climb within 0.6% of its own record set in July.

SolarEdge Technologies is down 5% after shares of the solar-power-equipment maker were downgraded to Underperform from Hold at Jefferies and the price target cut to $17 from $27. S&P 500 futures are up 0.3%. Dow Jones Industrial Average futures are adding 0.2%.

The blue chip index closed above the psychologically significant 42,000 level for the first time ever Thursday.

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.

Cryptocurrencies rose during a broad market rally Thursday, one day after the Federal Reserve delivered a large interest rate cut.

Key Takeaways The Federal Reserve announced an interest rate cut of 50 basis points on Wednesday, lifting shares of top cryptocurrencies and some crypto-linked shares.Bitcoin has tended to rise around signs that the Fed will lower interest rates due to the perception that the cryptocurrency is a risk-on asset.