The Dow closed at a record high on Friday. Investors see more gains ahead as the Fed kicks off a new cycle of easing interest rates.

This week, the Federal Reserve cut its influential federal fund rates by 50 basis points. That could shake up the dynamic of the housing market, though perhaps not immediately.

Investment advisers are urging clients to dump hefty cash allocations now that the Federal Reserve has begun its much-anticipated interest-rate easing, a process they expect to limit the appeal of money-market funds in the coming months.