Bond yields typically decline amid rate cutting, so the yield curve might remain inverted at least through next March.

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

Wall Street is roaring 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 1.5% higher in early trading and above its all-time closing high set in July.