U.S. stocks step back while overseas markets rally

It's trading about 2.4% higher on the week, which would be the highest such gain since the week ended February 3, according to FactSet data.

Shares of Tesla rose 2.9 percent after the electric carmaker said it would raise about $1.15 billion as the company speeds up the launch of its Model 3 sedan.

At 9:37 a.m. ET, the Dow Jones Industrial Average was up 28.03 points, or 0.13 percent, at 20,978.13, the S&P 500 was up 0.65 points, or 0.03 percent, at 2,385.91 and the Nasdaq Composite was up 5.09 points, or 0.09 percent, at 5,905.14.

"Momentum players will shift from equities to gold where there is momentum that is now strengthening", said Nichols.

Bullion traders said a firm trend overseas after the US Federal Reserve raised key lending rates amid increased buying by local jewellers, mainly led to rally in gold prices.

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That gradual pace is one reason investors remain enthusiastic about stocks in the face of rising rates, which historically have spooked stock holders because they can slow economic growth and corporate profits.

CURRENCIES: The dollar slipped to 113.08 Japanese yen from 113.39 yen.

Weakness in the buck can make assets priced in the currency more appealing to those using other monetary units.

Precious metals prices climbed on Thursday to their highest level in over a week after the U.S. central bank signalled only gradual rate tightening and the dollar slid to its lowest in five weeks. Although there are lingering concerns about Trump's ability to implement his pro-business agenda, their enactment could cause the Fed to quicken its pace of rate increases-a negative for gold.

Gold, copper and oil all rallied on the weaker dollar.

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In the European morning, the single currency traded at $1.071, a 0.2% decline from the previous day's market close, but up roughly 0.8% compared with where it was before the Fed made its policy announcement Wednesday.

A Wall Street sign in front of the New York Stock Exchange in the Manhattan borough of New York January 27, 2015.

Benchmark U.S. crude resumed its slide and slipped 11 cents to settle at $48.75 per barrel.

With the steep drop, the ten-year yield continued to give back ground after reaching its highest closing level in well over two years on Monday. Brent crude, used to price worldwide oils, fell 6 cents to $51.75 a barrel. The precious metals had lost ₹ 400 in last two days. MSCI´s broadest index of Asia-Pacific shares outside Japan jumped 1.2 percent to its highest level since mid-2015.Spread betters pointed to solid opening gains for European bourses, while E-mini futures for the S&P 500 edged up another 0.1 percent.

CURRENCIES: The euro from dipped to $1.0746 from $1.0749 late Thursday, and the British pound fell to $1.2367 from $1.2358.

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