Wall Street indexes marched past previous record highs after global counterparts booked gains and longer-dated Treasury yields rose on Thursday as the start of the Federal Reserve's first interest rate cutting cycle in more than four years whet investors' risk appetite.

With yields on cash poised to fall, consider owning short-term bonds and funds that cover the broad U.S. stock market.

Short-term Treasury yields ticked lower after the Federal Reserve announced a half percentage point cut to its benchmark rate. The 2-year Treasury yield was trading just under Tuesday's 3.590% closing level shortly after the 2 p.