Old Wall Street Proverb: Bull markets climb a wall of worry.
Markets need something to worry about (it also sells newspapers). The major trend of the bull market that's been going on for the last four years has not been broken. We came close a few weeks ago during "Monday Madness", but the bull is still alive and kicking. The concern about Yellen & Co. raising rates has been around for months, perhaps years and is most likely all ready factored into equity prices.
If you enlarge my photo above, you'll see a lot of grey hair. It didn't come from worrying about what was in the press and coming from the Talking Heads on MSNBC, Fox Business, and such at Dow 2000, or Dow 10,000 or any level since then.
If you buy good stocks directly or through mutual funds or ETF's, and are in the market with a five year, ten year outlook or longer, whatever the Fed does is a hiccup. As a contrarian, my thinking is that when rtes are finally nudged (whenever that is), the market will actually be relieved and the bull will resume snorting.
Disclaimer: my opinion and $2.78 will buy you an iced coffee at any Dunkin' Donuts. But thank you for allowing me to answer your question.
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