Check out the top 5 things to know for today's trading day.
1. Fed left interest rates unchanged
The Federal Reserve left interest rates unchanged at the conclusion of its policy meeting on Wednesday, but hinted that a hike could come in December if the job market continued to improve.
At the same time, the U.S. central bank also cut the number of rate hikes it expects next year and in 2018, according to the median projection of forecasts released with its post-meeting statement.
The Fed has policy meetings scheduled in early November and mid-December. Economists believe policymakers would avoid a rate hike in November in part because the meeting falls just days before the U.S. presidential election.
Markets are currently pricing in a 15% chance of a rate hike at November's meeting. For December, odds stood at around 60%.
2. Global stocks rally as Fed inspires risk-taking
U.S. stock index futures pointed to a higher open on Thursday morning, with the Nasdaq on track to hit a fresh record high, as traders eyed data releases and continued to digest the Fed's decision to keep interest rates unchanged.
On the calendar for Thursday, weekly jobless claims are expected at 12:30GMT, while existing home sales are due at 14:00GMT.
Meanwhile, European and U.K. stocks pushed higher in mid-morning trade, with Germany's DAX up almost 2%, after the Fed refrained from raising interest rates.
Earlier, Asian shares rallied, taking their cue from Wall Street, after the Fed left U.S. interest rates unchanged and slowed the pace of future hikes.
3. USD sinks on cautious Fed outlook
The U.S. dollar sank on Thursday, after the Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.
The U.S. dollar index, which measures the greenback's value against a basket of six major currencies, fell 0.35% to 95.13 early Thursday, well off the prior session's six-week high of 96.29.
The euro rose nearly 0.4% against the dollar to 1.1232 after touching 1.1248 earlier, the most since September 16.
Against the yen, meanwhile, the dollar inched up 0.4% to 100.70, recovering after falling to a session low of 100.10, which was the lowest since August 26.
4. Oil rises to 7-day high
Oil prices rose to a more than one-week high on Thursday, after data showed U.S. crude supplies fell for the third week in a row, boosting the demand outlook in the world's largest oil consumer.
Another supportive factor was an oil workers' strike in Norway, which threatened to cut North Sea crude output, as well as broad weakness in the U.S. dollar.
Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.
U.S. crude was up 43 cents, or 0.95%, to $45.77 a barrel during morning hours in New York, while Brent tacked on 37 cents, or 0.8%, to $47.20 a barrel.
5. Gold climbs to 2-week high
Gold prices rose to a two-week high on Thursday, after the Federal Reserve kept monetary policy steady and projected a less aggressive path for interest rates hikes in coming years.
Gold for December delivery on the Comex division of the New York Mercantile Exchange touched an intraday peak of $1,339.30 a troy ounce, the most since September 8. It was last at $1,337.00, up $5.95, or 0.45%.
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.