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.

The Federal Reserve cut rates by half a percentage point. But the market's reaction only raised more questions. Stocks initially rallied. But by the close, major indexes were slightly lower for the day.

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