Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.

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.

Consumer spending was tepid last month but exceeded forecasts. Data from the Census Bureau showed retail sales were up 0.1% in August from the month prior, beating economists' expectations for a 0.2% decline. Slowing automobile sales pressured the headline number, though this was offset by strong online sales.