Stocks extended gains on Wednesday after the Federal Reserve kept interest rates unchanged and said the pace of economic deterioration appeared somewhat slower.

The Dow Jones industrial average <.DJI> rose 179.37 points, or 2.24 percent, to 8,196.32. The Standard & Poor's 500 Index <.SPX> was up 19.77 points, or 2.31 percent, to 874.93. The Nasdaq Composite Index <.IXIC> jumped 41.09 points, or 2.45 percent, to 1,714.90.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)