Janet Yellen Speech Live Update: Federal Reserve Removes 'Patient' From FOMC Statement

UPDATE: 3:20 p.m. EDT U.S. stocks surged during Janet Yellen's news conference, with the Nasdaq composite hitting the psychologically important 5,000 milestone for the second time this month. The Dow soared 243 points, or 1.36 percent, to 18,092.08; the S&P 500 Index added 31.85 points, or 1.54 percent, to 2,106.83. The Nasdaq composite gained 60.69 points, or 1.24 percent, to 4,998.13.