(Reuters) - Stocks extended gains on Tuesday, with the Nasdaq up 3 percent and the Dow industrials up 2 percent, recovering from the previous session's selloff.

The Dow Jones industrial average gained 232.50 points, or 2.15 percent, to 11,042.35. The Standard & Poor's 500 Index rose 30.49 points, or 2.72 percent, to 1,149.95. The Nasdaq Composite Index added 77.58 points, or 3.29 percent, to 2,435.27.

Following Wall Street's nosedive on Monday, nervous investors awaited a statement from the Federal Reserve later on Tuesday on its outlook on the economy.

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