Ok so I think I'll open an account with Scottrade because their fees are low. After that all I have to do is buy x amount of "SPY" (I'll get 15 shares or so). Right?

Ok, two more questions: I see on the news sometimes things like S&P 500 1,231.02 with an upwards or downwards arrow. What's 1,231.02 stand for? Their ETF, "SPY", Is only like $123 so where is that 1,231.02 coming from?

While searching and reading other threads, I read that a poster suggested to someone to wait until next year before investing in an index fund. I was also reading the wallstreet journal today (most of it was going over my head) but I saw an article about Fed's raising interest rates tomorrow and they said that if that happens the economy will be pretty slow for a year or so. What do you think? Should I wait or just go ahead and buy?

Thanks.