Comments by Federal Reserve chair Janet Yellen that interest rates would remain low for a considerable time sent the markets soaring to a sharply higher open with the Dow leaping 239 points to 17,596. Nasdaq jumped 71 points to 4,716.

On the upside

Rite Aid (NYSE: RAD) reported higher third quarter earnings and revenue prompting the company to lift its full year outlook.

VimpelCom (Nasdaq: VIP) launched its Make Your Mark initiative.

Shares of Mobile Telesystems (NYSE: MBT) climbed as the ruble recovered some of its losses.

On the downside

Dunkin' Brands Group (Nasdaq: DNKN) forecast fiscal 2015 results that fell short of analyst expectations.

Winnebago Industries (NYSE: WGO) disappointed with lower first quarter earnings that missed estimates.

Silicon Image (Nasdaq: SIMG) warned of lower revenue in 2015 prompting a downgrade.

In the broad market, advancing issues outpaced decliners by a margin of more than 6 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 soared 29 points to 2042. Bitcoin lost $8 to $312.