The Dow Jones Industrial Average (SPGI) jumped 522 points Thursday and closed at a new record high, as the Federal Reserve’s decision to slash interest rates by 50 basis points gave fuel to markets.

Bank of England Governor Andrew Bailey says the rate should come down in coming months, but "it's vital that inflation stays low".

The Federal Reserve announced an interest-rate cut of 50 basis points on Wednesday, the first in four years after aggressive inflation fighting.