Europe is facing a critical moment this year. Market pessimists argue that the global financial crisis is iminent. There could be a correction due to the sudden outflow of capital in Europe but not to the extent of financial crisis. Clearly, the US market is on the track of the long bull market.
Rate hike is not much of a concern. In fact, rate hike is a positive factor to the market because it indicates that the US economy broadely global economy is recovering. It could impact the market for a day or two but not much.