Dow Jones slides, S&P 500 Heading to abandon 4-week gains

Expect markets to reach new highs next year, says Ed Yardeni
The S&P 500 fell 1.3%, while the Dow Jones Industrial Average slid 302 points, or 0.89%. The Nasdaq Composite slid 2%. US shares generally retreated on Friday as Wall Street’s summer rally looks hesitant versus rate hike fears. The dominating fears do impact the major averages to possibly end the week in the red territory.

For the week, the S&P 500 was last down 1.1%, while the Dow was marginally higher. The tech-heavy Nasdaq is currently down more than 2.5% for the week.

Wall Street’s summer rally has been halted as FOMC minutes on July meeting and comments from St. Louis Federal Reserve President James Bullard indicated that the central bank would continue hiking rates in September, pushing the brakes of investors’ hopes of a slowdown.