Wall Street slid from the previous session's record highs and the dollar steadied on Friday as the market knuckled down to the start of a rate reducing cycle that began with a mid-week jumbo cut by the U.

Most of the U.S. stock market edged lower after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.

Wall Street jumps to record highs as global markets cheer Fed rate cut.