Stock market today: Wall Street rises toward records as jubilation sweeps markets worldwide

NEW YORK (AP) — Wall Street is rising toward records Thursday as a delayed jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates.

The S&P 500 was 1.8% higher in afternoon trading and above its all-time closing high set in July. The Dow Jones Industrial Average was up 533 points, or 1.3%, and on track to top its record set on Monday. The Nasdaq composite was 2.8% higher, as of 12:26 p.m. Eastern time.

The rally was widespread, and the company behind Olive Garden and Ruth's Chris, Darden Restaurants, helped lead the way with a jump of 8.5% after saying its sales trends have been improving since a sharp step down in July. It also announced a delivery partnership with Uber.

Nvidia, meanwhile, barreled 5.2% higher and was once again the strongest force lifting the S&P 500. Lower interest rates weaken criticism by a bit that its stock price and other influential Big Techs' look too expensive following the frenzy around artificial-intelligence technology.

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. Now that inflation has come down from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.

Wall Street’s initial reaction to Wednesday’s cut was a yawn, after markets had already run up for months on expectations for coming reductions to rates, and stocks ended up edging lower after swinging a few times.

“Yet we come in today and have a reversal of the reversal,” said Jonathan Krinsky, chief market technician at BTIG. He said he did not anticipate such a big jump for stocks on Thursday.

Some analysts said it could have been relief that the Fed’s Powell was able to thread the needle in his press conference and suggest the deeper-than-usual cut was just a “recalibration” of policy and not an urgent move that it had to take to prevent a recession.

That bolstered hopes that the Federal Reserve can successfully walk its tightrope and get inflation fully under control without a recession. So too did a couple reports on the economy released Thursday. One showed fewer workers applied for unemployment benefits last week, another signal that layoffs across the country remain low.

The pressure nevertheless is still on the Fed because the job market and hiring has begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have done damage to the economy.

Powell, though, said Fed officials are not in “a rush to get this done” and would make decisions on policy at each successive meeting depending on what the incoming data says.

Some investment banks raised their forecasts for how much the Federal Reserve will ultimately cut interest rates, anticipating even deeper reduction than Fed officials. Federal Reserve officials on Wednesday released forecasts showing they expect to cut interest rates by potentially another half of a percentage point in 2024 and another full point in 2025. The federal funds rate is currently sitting in a range of 4.75% to 5%.

Lower interest rates help financial markets in two big ways. They ease the brakes off the economy by making it easier for U.S. households and businesses to borrow money, which can accelerate spending and investment. They also give a boost to prices of all kinds of investments, from gold to bonds to cryptocurrencies. Bitcoin rose to roughly $63,000 Thursday, up from about $27,000 a year ago.

An adage suggests investors should not “fight the Fed” and ride the rising tide when the central bank is cutting interest rates, and Wall Street was certainly doing that Thursday. But this economic cycle has continued to break conventional wisdoms after the COVID-19 pandemic created an instant recession that gave way to the worst inflation in generations.

One of the worries still remaining on Wall Street is that inflation could remain tougher to fully subdue than in the past. And while lower rates can help goose the economy, they can also give inflation more fuel.

The upcoming U.S. presidential election could also keep uncertainty reigning in the market. A fear is that both the Democrats and Republicans could push for policies that add to the U.S. government’s debt, which could keep upward pressure on interest rates regardless of the Fed’s moves.

History may also offer few clues about how things may progress given how unusual the conditions are. This looks to have the most aggressive expectations for rate cuts out of any past easing cycles, according to strategists at Bank of America.

The economic conditions of this one could resemble 1995 a bit, but unfortunately “no great analogs exist,” the strategists led by Alex Cohen wrote in a BofA Global Research report.

In the bond market, the yield on the 10-year Treasury edged up to 3.74% from 3.71% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.60% from 3.63%.

In stock markets aboard, indexes jumped 2.3% in France, 2.1% in Japan and 2% in Hong Kong.

The FTSE 100 rose 0.9% in London after the Bank of England kept interest rates there on hold. The Bank of Japan will announce its latest decision on interest rates on Friday.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Michale Conlon, right, works on the floor of the New York Stock Exchange as Federal Reserve Chair Jerome Powell's news conference appears on a television screen behind him, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

The news conference of Federal Reserve Chair Jerome Powell appears on television screens on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. (AP Photo/Ahn Young-joon)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. (AP Photo/Ahn Young-joon)

Specialist Genaro Saporito, foreground, works with traders at his post on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

The news conference of Federal' Reserve Chair Jerome Powell appears on a screen as trader Neil Catania works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Trader Leon Montana works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. (AP Photo/Ahn Young-joon)

NEW YORK (AP) — Live from New York! It's 50 seasons later for “SNL.”

The landmark NBC sketch comedy show “Saturday Night Live” premiered Oct. 11, 1975, with drop-dead dark humor and pratfalls, George Carlin as host and not one but two musical guests: Billy Preston and Janis Ian.

On Saturday nights, in those early years, young people gathered around TVs to watch the Lorne Michaels production that served up counterculture to the mass market via the Not Ready for Prime Time Players.

“What is attractive and unusual about the program is that it is an attempt, finally, to provide entertainment on television in a recognizable human, non-celebrity voice, and in a voice, too, that tries to deal with the morass of media-induced show business culture that increasingly pervades American life,” The New Yorker's Michael J. Arlen wrote in a 1975 review.

Fast forward to this year, Sept. 28, when the first episode of “SNL's” half-century season is set to air in a lead-up to a three-hour live primetime special Feb. 16 on, gasp, a Sunday. Jean Smart will host to open the season, with Jelly Roll as musical guest.

Over the decades, some seasons were better than others, with breakout stars like Eddie Murphy, Adam Sandler, Tina Fey, Will Ferrell, Mike Myers and more following the original seven. So what became of the very first cast, the freshman class, post-"SNL?" Here's a catchup.

“National Lampoon's Animal House,” “Continental Divide,” “Neighbors” and all things The Blues Brothers. Belushi left “SNL” in 1979 to pursue music and film projects. That he did, to bad reviews and good.

Following years of drug use, he died March 5, 1982, at 33 after overdosing at the Chateau Marmont in Los Angeles. Belushi's death stunned and saddened his friends and fans and symbolized the end of the hard-living '70s.

In addition to his mischievous, often frenzied performances on “SNL,” Belushi appeared in other films as well, including the drama “Old Boyfriends” and the poorly-reviewed Steven Spielberg–directed historical comedy “1941."

Before that, Belushi birthed his “Joliet” Jake Blues, joining fellow “SNL” cast member Dan Aykroyd as brother Elwood. Their TV debut as the brothers blue came on “SNL” in 1978.

The sunglass-wearing, dark-suited Blues Brothers took on a fame of their own with the self-titled 1980 movie, directed by John Landis. After Belushi's death, “Blues Brothers 2000” was released in 1998 in tribute with most of the first film's original cast.

After Belushi's death, many of his loved ones, including his widow Judith Belushi Pisano, were angered by the negative narrative tone of “Wired,” the Bob Woodward book about the comic genius. Belushi Pisano and Tanner Colby responded with a book of their own, “Belushi: A Biography.”

Belushi Pisano, his high school sweetheart, died in July from cancer. John Belushi shared a writing Emmy with fellow “SNL” cast members and writers in 1977.

Nasally Roseanne Roseannadanna. Weird teen Lisa Loopner. Weekend Update's “never mind” complainer Emily Litella. Radner contributed an endearing sweetness to the inaugural season of “SNL.” She stayed for five years.

In 1979, the Emmy and Grammy winner took to Broadway to perform a one-woman show, “Gilda Live.” Included were some of her most beloved “SNL” characters, including Baba Wawa, a spoof of Barbara Walters. The show was filmed and released as a movie.

Radner appeared in several other films, including “First Family” and “The Woman in Red,” the latter a 1984 hit written and directed by her co-star and future husband, Gene Wilder. Among other projects: She starred in the 1980 Broadway drama “Lunch Hour.”

Radner died May 20, 1989, at age 42 after a long battle with ovarian cancer. Her book detailing her cancer fight was released earlier that year. A documentary about her life, “Love Gilda,” was released in 2018.

Chase was the first to utter the words: “Live from New York, it's Saturday night!” And he has a long list of post-"SNL" credits, including many commercial successes and his share of flops. He was also the first cast member to leave the show.

Initially hired as a writer, he was known on “SNL” for “Weekend Update,” his bumbling President Gerald Ford, his pratfalls in general and his feuds with cast members. Chase was replaced in the middle of the second season by Bill Murray.

Years later (2013), Chase exited TV's “Community” during the fourth season amid complaints about racial slurs directed at fellow cast member Donald Glover.

In between “SNL” and that moment, Chase worked a lot, at least for a time.

There were two “Fletch” movies. There was “Caddyshack” and a poorly-received sequel. “There was “The Three Amigos!” There were five “Vacation” movies, though his appearance in the last one (in 2015) was a cameo.

Chase's first hit was “Foul Play” with Goldie Hawn in 1978. He tried his hand at a late-night talk show, “The Chevy Chase Show,” on Fox in 1993. It was canceled after six weeks.

Among his awards: A writing Emmy for “SNL” in 1976, a performance Emmy on the show the same year and a shared writing Emmy for “The Paul Simon Special” in 1977.

Chase put out a biography in 2007, “I'm Chevy Chase ... and You're Not," named for his famous catchphrase as anchor of “Weekend Update.” In his book, he detailed childhood physical abuse at the hands of his mother and stepfather, John Cederquist — both of whom are dead.

Now 80, Chase has taken in recent years to hosting screenings with audience Q&As for "National Lampoon's Christmas Vacation,” the most enduring movie in that franchise.

He also makes chicken sounds and posts fan meetups and family gatherings on TikTok, where he has 1.2 million followers.

She left “SNL” in 1980 after portraying Connie Conehead, Valley Girl stewardess Sherry and ditzy public access TV co-host Christie Christina. She was also a recurring reporter on “Weekend Update."

Newman has spoken openly about her struggles with depression and drug addiction during that time. She got sober in 1987.

Before leaving “SNL,” Newman appeared in the 1978 film “American Hot Wax.” Steady film, TV and voice work followed through the 1980s into the 2000s. She was the antagonist in the 1991 comedy “Problem Child 2” and appeared in 1993’s “Coneheads” as Connie’s Aunt Laarta.

Newman, 72, appeared in episodes of “Friends,” “3rd Rock from the Sun,” “7th Heaven,” “Laverne & Shirley" and “St. Elsewhere,” and in the 1994 live action “Flintstones” film.

She lent her voice to several animated hit films, including “Wall-E,” “Up," “Toy Story 3" and “Tangled.” And she has worked as a magazine writer and editor. In 2021, she put out “May You Live in Interesting Times,” an audio memoir.

Fun fact: After high school graduation, Newman studied mime in Paris with Marcel Marceau.

In 2017, with the rest of “SNL's” original cast, she was inducted into the Television Academy Hall of Fame.

When he wasn't bleeding out as Julia Child or declaring, “Jane, you ignorant slut!” on “Weekend Update,” Aykroyd swagged with Steve Martin as one of two wild and crazy guys, and led the Conehead family as patriarch Beldar.

And he lent so much more to “SNL” before leaving in 1979, including as half of The Blues Brothers and impersonations of talk show host Tom Snyder, Rod Serling and two presidents: Nixon and Carter.

With Belushi, his close friend, and backed by legit players, the bluesy and soulful brothers caught on as a band. They played gigs and released a multimillion-selling album, “Briefcase Full of Blues.”

His post-"SNL" work has taken him even higher. He and Belushi had a smash with “The Blues Brothers” film. Hit after hit followed: “Neighbors” in 1981, “Trading Places” in 1983 and the 1984 “Ghostbusters” that launched a franchise (Aykroyd and Harold Ramis wrote the first two). He also appeared in “1941.”

Aykroyd, 72, wrote and narrated a recent audio documentary, “Blues Brothers: The Arc of Gratitude.”

In 1985, Aykroyd co-wrote and starred with Chase in “Spies Like Us,” directed by Landis. Aykroyd earned a supporting actor Oscar nomination for 1989's “Driving Miss Daisy."

The ‘90s weren’t so kind. There were many flops, including his directorial debut in 1991, “Nothing but Trouble” starring Demi Moore, Chase, John Candy and Aykroyd with a grisly prosthetic face. A bright spot was the acclaimed “Grosse Pointe Blank,” in which he played a rival hitman to star John Cusack.

With Hard Rock Cafe co-founder Isaac Tigrett, Aykroyd co-founded House of Blues, a chain of live music halls and restaurants that became a division of Live Nation in 2006.

Curtin left “SNL,” in 1980, after five seasons. She was a master of deadpan, often playing the straight woman off such outsized performers as Belushi and Radner. A regular on “Weekend Update,” she was also known for the Coneheads sketches as matriarch Prymaat and as Enid Loopner with fellow nerds Radner and Murray.

Curtin, 76, has spoken about being bothered by the drug-fueled lifestyles of some of her castmates. She won two Emmys for her 1980s sitcom “Kate & Allie.” She later starred as Dr. Mary Albright in the hit series “3rd Rock from the Sun” (1996-2001).

Her post-"SNL" work stayed mainly on television, including some busts like the 1990 sitcom “Working it Out.” It was canceled after 13 episodes. With Fred Savage, she appeared in the sitcom “Crumbs” in 2006. It was canceled four months later.

There was some Broadway work: Miss Proserpine Garnett in “Candida,” “Love Letters” and the 2002 revival of “Our Town” that marked Paul Newman's return to Broadway after 38 years.

Initially hired as a writer, he was the oldest on “SNL's” first cast at 37. He came to the show after 17 years as a singer and arranger with Harry Belafonte, as an actor in plays and musicals, as a playwright and as a civil rights activist who helped desegregate Actor’s Equity.

Morris was raised in New Orleans by his grandmother and Baptist minister grandfather, spending his childhood singing in the church choir. He later became a Buddhist after moving to New York, where he was homeless for a time well before “SNL.”

Morris, 87, trained at The Julliard School. Belafonte gave him his first professional break. Morris performed with the Harry Belafonte Singers for 10 years, starting when he was just 22.

He remained on “SNL” until 1980. He was known for his character Chico Escuela, the Dominican baseball player whose catchphrase, “Baseball has been berry berry good to me,” caught on in pop culture. He also performed as the shouting interpreter in the “News for the Hard of Hearing” segments and did impersonations of Idi Amin, James Brown, Sammy Davis, Jr., Bob Marley and Muhammad Ali.

Morris once sang a Mozart aria on “SNL” as the musical guest. He also sang a Schubert composition on the show.

In 1994, Morris was shot and seriously wounded in an attempted holdup in Los Angeles.

In the '80s, Morris appeared in a string of horror films. Later, he was a regular on the series “2 Broke Girls" and performed on TV comedies “Martin,” “The Jamie Foxx Show” and “The Wayans Brothers.” He also appeared on “Married with Children,” “Family Guy” and “The Jeffersons.”

He competed with his family on “Celebrity Family Feud” in 2016, appeared on “This is Us” in 2018 and on a “Black Lady Sketch Show” in 2019.

Morris also has a long list of film credits: Sidney Lumet’s “The Anderson Tapes,” the classic “Cooley High,” “The Longshots,” “Pawn Shop” and Marvel’s “Ant-Man” included.

FILE - Actor Garrett Morris attends a ceremony honoring him with a star on the Hollywood Walk of Fame on Thursday, Feb. 1, 2024, in Los Angeles. (Photo by Richard Shotwell/Invision/AP, File)

FILE - Civil Rights activist and politician Julian Bond, left, appears with "Saturday Night Live" cast member Garrett Morris during a rehearsal for the sketch comedy series on April 7, 1977, in New York. (AP Photo/Dave Pickoff, File)

FILE - Laraine Newman arrives at the premiere "Live from New York!" in Los Angeles on June 10, 2015. (Photo by Richard Shotwell/Invision/AP, File)

FILE - Emmy winners, from left, Jane Curtin, John Ritter, and Tyne Daly pose backstage at the Emmy Awards presentation at the Pasadena Civic Auditorium in Pasadena, Ca., Sept. 23, 1984. Curtin won for best actress in a comedy series for "Kate and Allie"; Ritter was named outstanding actor in a comedy series for his role in "Three's Company"; and Daly won for best actress in a dramatic series for "Cagney and Lacey." (AP Photo, File)

FILE - Dan Aykroyd poses for a photo in Los Angeles on Dec. 4, 2010. (AP Photo/Sarah Hummert, File)

FILE - Dan Aykroyd attends the world premiere of "Get On Up" in New York on July 21, 2014. (Photo by Evan Agostini/Invision/AP, File)

FILE - Dan Aykroyd poses for a portrait in West Hollywood, Calif., Tuesday, May 19, 2009. (AP Photo/Chris Pizzello, File)

FILE - Actor Chevy Chase, center, sits on the front row during the second half of an NBA basketball game between the Atlanta Hawks and Dallas Mavericks in Dallas on April 4, 2024. (AP Photo/LM Otero, File)

FILE - Chevy Chase gets his ear licked from co-star Benji the dog, during a news conference in Los Angeles announcing their movie "Oh Heavenly Dog" on Sept. 6, 1979. (AP Photo/Nick Ut, file)

FILE - Steve Martin, from left, Chevy Chase, and Martin Short appear at the premiere of their film "Three Amigos!" in New York on Dec. 9, 1986. (AP Photo/Frankie Ziths, File)

FILE - The coffin for actor John Belushi is carried out of the Congregational Church by pallbearers Dan Aykroyd, left, and Belushi's brother Jim Belushi, right, following funeral services in West Tinsbury, Mass., on March 9, 1982. Belushi died March 5, at 33 after overdosing at the Chateau Marmont in Los Angeles. (AP Photo/Dave Tenenbaum, File)

FILE - Comedian Chevy Chase, second from left, joins the cast of NBC's "Saturday Night Live," with Laraine Newman, from right, Gilda Radner, Bill Murray and Jane Curtain, left, on Feb. 16, 1978 in New York. (AP Photo/Marty Lederhandler, File)

FILE - Actor Burt Reynolds, second right, appears on the set with cast members of NBC's "Saturday Night Live," from left, Jane Curtin, Laraine Newman, Gilda Radner, and Bill Murray, right, in New York, April 12, 1980. (AP Photo/Suzanne Vlamis, File)

FILE - White House Press Secretary Ron Nessen, left, appears on the "Saturday Night Live" set with producer Lorne Michaels, right, and cast members Chevy Chase, foreground center, Laraine Newman, background left, Dan Aykroyd, background right, Jane Curtain, second row from left, Gilda Radner, John Belushi and Garret Morris, partially obscured, on April 17, 1976, in New York. (AP Photo)

FILE - Actor John Belushi appears at the opening night party for "Animal House" at the Village Gate in New York on July 27, 1978. Belushi died March 5, 1982, at 33 after overdosing at the Chateau Marmont in Los Angeles. (AP Photo, File)

FILE - Castmember Gilda Radner appears on the set of "Saturday Night Live," in New York on Dec. 1, 1977. Radner died May 20, 1989, at age 42 after a long battle with ovarian cancer. (AP Photo/Ron Frehm, File)

FILE - Chevy Chase, a cast member on "Saturday Night Live," holds his Emmy Award as he watches a monitor showing producer Lorne Michaels accepting another Emmy for the show, while writers Alan Zweibel, left, and Tom Davis, right, look on, during the 28th Primetime Emmy Awards in Los Angeles on May 17, 1976. (AP Photo/Reed Saxon, File)