Fed cuts rates by 0.5%

Executing the first ever cut by the Bernanke led Fed, the Fed Funds Rate is now down to 4.75% from 5.25%. Conforming 30 year fixed rates almost immediately dropped 1/4 point to 6.0%. The US continues to ease market fear with cheap, diluted dollars. Stocks cheered, many up 3-5%, but will the euphoria continue to push the S&P500 and other indexes to new all-time highs?