(Credit card debt data and information on a double dip recession have been added to the Hot Trends article.)
NEW YORK (
) -- "Credit card debt" is a popular search on
today following reports that the amount of money that cardholders owed in the second quarter was at the lowest level in more than eight years.
, in the quarter ended June 30, bank-issued credit card debt fell 4.1% to an average $4,591 from the previous quarter's $5,165. That number is down 13.4% from $5,719 in the second quarter of 2009.
Alaska reported the highest average credit card debt at $7,148, followed by Tennessee at $5,654 and Hawaii at $5,594. Iowa had the lowest average debt at $3,792.
"Double dip" is a hot search topic today as recent weak economic data stokes fears of an impending double-dip recession. Despite the ominous signs, Randy Schwimmer, head of capital markets at Churchill Financial, says there is no double dip in sight.
Video: No Double Dip In Sight
Also worrying investors is the
, a technical indicator of a looming stock market crash. It's believed that two Hindenburg Omen occurrences within a 30-day period is a guaranteed trigger of a stock market crash, and we are on our third this month.
"New-home sales" is a trending topic today after the Commerce Department reported that
in July to a seasonally adjusted rate of 276,000, well below expectations for a rate of 334,000 after a revised rate of 315,000 in June.
On Tuesday, the National Association of Realtors revealed that
in July to a seasonally adjusted annual rate of 3.83 million units,
of 4.72 million units.
SPDR S&P Homebuilders
, an exchange-traded fund that tracks the residential construction sector, fell in response to the negative housing data, but its shares are currently up almost 1% to over $14.
"Deli meat recall" is a hot search topic today after the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) announced plans to recall 380,000 pounds of
deli meat products. The FSIS believes the meat may be contaminated with listeria monocytogenes which can cause listeriosis. Symptoms of this illness include nausea, fever, headache and a sore neck. There have yet to be any reports of illnesses associated with consumption of this product.
The contaminated meats, such as ham, salami, pepperoni and roast beef, were distributed to
chains where it was used to make "Grab and Go" sandwiches. All of these meat products have been pulled from the shelves. Zemco Industries is a unit of
"Mutual funds" is a hot search topic on
this morning following news that
is planning to create six new mutual funds.
"Income and yield continue to have prominent focus in investors' portfolios," said Jeff Ray, assistant vice president of mutual fund products. "With these new funds, Manulife continues to demonstrate leadership and our expertise in fixed income investing by increasing the choices advisors have when building their clients' income portfolios."
The six new funds Manulife will offer include a strategic income class fund, a floating rate income fund, a short term bond fund, two Canadian equity funds and one Canadian balanced fund.
The company plans to
some of its current funds by removing AIC and Mawer names from their titles.
The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.
--Written by Theresa McCabe in Boston.
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