Aust stocks close sharply higher

Local market extends gains after US Federal Reserve said it would keep rates steady.

The Australian sharemarket has extended morning gains, closing more than 1.5%higher after the United States Federal Reserve again voted to keep interest rates on hold at record low levels.

At 4.15pm (AEST), the benchmark S&P/ASX200 index lifted 85.5 points, or 1.59%, to 5,468.2 points, while the broader All Ordinaries index rose 82.5 points, or 1.54%, to 5,446.4 points. 

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