Ed Yardeni: Lowering S&P 500 year-end target to 7900 points

Ed Yardeni has lowered the year-end target for the S&P 500 index from 8400 points to 7900 points due to increased economic downturn risks. Ed Yardeni, President and Chief Investment Strategist of Yardeni Research Inc., raised his target from 8250 points to 8400 points in August. This adjustment is based on the rebound in bond yields, lowering the expected price to earnings ratio valuation from 19.8 times to 18.6 times.