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.

"This would be the third time that stocks entered a cycle where annual returns compound at high teens," Fundstrat's Tom Lee said.

The 2-year rate finished at 3.608% or its lowest level since Sept. 12, 2022. Meanwhile, the 10-year yield fell to 3.643% or its lowest closing level since June 1, 2023. The 30-year rate ended at 3.954% or the lowest level since Dec. 27.

Asian stocks are mixed after U.S. stocks pulled closer to their records on economic reports that came in close to expectations.

U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start. The S&P 500 sank 2.

Asian Shares Are Mixed as Wall Street Gears up for an Interest Rate Cut Shares were mixed in Asia on Tuesday as world markets geared up for the Federal Reserve’s most anticipated meeting in years. Tokyo’s Nikkei index fell 1% to 36,

U.S. stock indexes are drifting closer to their records as Wall Street gears up for the most anticipated meeting of the Federal Reserve in years

Asian stocks were mixed on Monday with several key markets closed for a holiday, after U.S. stocks finished their best week of the year and climbed to the cusp of their records. Hong Kong’s Hang Seng dropped 0.