Dow Breaks Through All-Time High: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include the Dow Jones Industrial Average, which broke through its all-time high in the first hour of trading Tuesday.
At last check, the index was at 14,223.
On Monday, the Dow reached its highest close of the year at 14,127.82, just shy of its record closing high. The Dow has risen 7.8% so far this year and the S&P 500 is 6.9% higher.
Markets have rallied on optimism in the U.S. housing market, signals that companies are hiring more, strong corporate earnings and continuing economic stimulus from the Federal Reserve. However, automatic federal budget cuts that went into effect on Friday, otherwise known as the sequester, are reigning in optimism as many expect the cuts to weigh on the economy.
Ikea is trending as the Swedish company announced it is opening new budget hotels across western Europe in a partnership with Marriott International(MAR) over the next five years.
The two companies will develop more than 50 hotels in major cities, beginning in Milan, Italy, next year. The chain, reportedly called Moxy Hotels, will also open locations in Austria, Britain, the Netherlands, Norway, Sweden, Finland and Ireland. They will contain 150 to 300 rooms apiece and will be designed to attract younger travelers looking for style on a budget.
Ikea already owns some hotels in Europe.
Fannie Mae and Freddie Mac are another popular search. The two will form a joint venture for securitizing home loans that could ultimately replace the government-controlled mortgage companies.
Edward DeMarco, acting director of the Federal Housing Finance Agency, said the goal of the venture is to build a single unit to support the mortgage credit business that could be privatized or folded into the government. The venture could end up replacing the two companies' separate systems, but the ultimate decision is up to Congress.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.