Stocks sharply improved to the upside after the Federal Reserve dropped “patient” in regards to the timing of interest rate hikes. But the central bank softened its characterization of recent economic activity and noted weaker export growth as a result of a higher U.S. dollar. The S&P 500 rose 0.8% after falling as much as 0.6% intraday. The Nasdaq rose 0.5% and the Dow Jones industrial average rallied 0.7%.