Minute-by-minute updates from Watertown, Mass.

10:05 p.m.: "Obviously tonight there are still many unanswered questions," President Obama says.

10:03 p.m.: President Obama is at the podium. "We have closed an important chapter in this tragedy."

9:53 p.m.: Press conference has ended. President Obama expected to speak from the White House.

9:47 p.m.: Suspect fired shots from the boat and was seriously injured in the gunfire exchange.

9:46 p.m.: Police commissioner says suspect was covered in blood while inside the boat.

9:43 p.m.: A tip from a neighbor led law enforcement to the boat where the suspect was hiding, according to police.

9:40 p.m.: President Obama will speak from the White House following the press conference.

9:39 p.m.: "Today, the city of Boston can breathe a sigh of relief," Richard DesLauriers, FBI special agent in charge.

9:36 p.m.: "I want to say very briefly, thank you, thank you, thank you," Boston Mayor Tom Menino says.

9:34 p.m.: "This will continue to be an active and ongoing investigation," U.S. Attorney Carmen Ortiz says. "My journey and my office's journey will continue."

9:30 p.m.: "We are eternally grateful for the outcome tonight," Boston police commissioner says as press conference starts.

9:14 p.m.: Police announce press conference will be held at 9:30 p.m.

9:06 p.m.: "In our time of rejoicing, let us not forget the families of Martin Richard, Lingzi Lu, Krystle Campbell and Officer Sean Collier," Boston police Tweet.

8:52 p.m.: Boston Mayor Tom Menino tweets: "We got him."

8:45 p.m.: "Suspect in custody. Officers sweeping the area. Stand by for further info." Boston police department Tweets.

8:38 p.m.: Suspect alive and in custody, according to police scanner traffic and various reports.

8:35 p.m.: Emory University student says Tsarnaev is one of his former classmates.

8:27 p.m.: ABC Boston affiliate reporting FBI Hostage Rescue Team is in to negotiate with suspect.

8:21 p.m.: Law enforcement fearful Tsarnaev is wearing a suicide bomb vest, The Boston Globe reports.

8:15 p.m.: Citing Boston Mayor Tom Menino, CBS News reports that Tsarnaev is the man in the boat, although that is yet to be confirmed by law enforcement.

8:09 p.m.: The Boston Globe reports that Tsarnaev is still alive inside the boat.

8:05 p.m.: Still no confirmation on whether the person inside the boat is alive.

7:50 p.m.: Additional blasts, possibly gunshots, heard on Franklin Street.

7:25 p.m.: Various media outlets reports the suspect is inside a boat behind a home on Franklin Street.

7 p.m.: Several gunshots were fired in the Boston suburb of Watertown, where authorities have been searching for the second suspect in the Boston Marathon bombings, various media outlets reported.

— Please return for updates on this developing story.