Reports of gunfire in Watertown give the impression that police are closing in on the suspect.
Update, 6:10pm: Watertown residents are in the streets cheering. The suspect was read his Miranda rights, NBC reports. Update: he has not been Mirandized, NBC reports.
Update, 5:45pm PST: The suspect has been captured alive, NBC reports. Police have called for medics. The Boston Police have confirmed that the suspect is in custody.
Update, 5:20pm PST: NBC's Pete William reports that the boat is on fire. He also says there is a negotiator on the scene, though it's unknown whether the negotiator is talking to the suspect.
Updated 4:30pm PST:
Police are preparing to move in on a suspect who is hiding in a boat in a backyard, CBS reports
Original story, 4:15pm:
Police have reinstated the lockdown in Watertown only an hour after lifting it, allowing the public onto the streets.
The press conference suggested that authorities were at something of a loss. Massachusetts state police superintendent Timothy Alben revealed that Suspect 2, Dzhokhar Tsarnaev, is still at large.
Police think he is still in the Boston area said they were confident the suspect is no longer in Watertown and they are withdrawing from that area. However, they have "no direct knowledge that he's here in Boston area."
"We are where we were Monday night or Tuesday," Governor Deval Patrick said, with one difference: one of the suspects is dead.
Via Reuters and Politix reporting.