U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

U.S. stocks are pulling back Friday from the records they set the day before during a worldwide rally. The S&P 500 was 0.5% lower in midday trading but still on track for its fifth winning week in the last six.

Global stock markets rallied Thursday, with major US indices surging to all-time highs after the Federal Reserve delivered a bumper interest-rate cut and pledged further reductions. Following an up day in Europe and Asia that also lifted Frankfurt to a record,