Stocks pared gains on Wednesday as minutes of the Federal Reserve's recent policy meeting showed that officials saw the economy deteriorating and downside risks high.

* The Dow Jones industrial average <.DJI> was up 32.65 points, or 0.42 percent, at 7,822.21. The Standard & Poor's 500 Index <.SPX> was up 6.42 points, or 0.79 percent, at 821.97. The Nasdaq Composite Index <.IXIC> was up 21.07 points, or 1.35 percent, at 1,582.68.

(Reporting by Ellis Mnyandu; Editing by Theodore d'Afflisio)