Why Home Depot Stock Was Up on Thursday
Home Depot (NYSE: HD) shareholders outpaced a soaring market on Thursday. The home improvement giant's stock jumped 8% by 2:45 p.m. EST compared to a 4.5% spike in the S&P 500. The rally wasn't enough to put the stock back into positive territory in 2022 or to put it above the wider market's 17% loss year to date. Home Depot remains down about 25% so far this year.
Easing fears about a recession striking the U.S. economy helped push the stock higher. Investors also gained a bit more confidence about the retailer's upcoming earnings report.
The main factor driving Home Depot's shares higher was news that inflation cooled slightly in October. That news helped spark a huge rally on Wall Street because it raises the likelihood that the Federal Reserve can succeed in its bid to cool the economy through policy tools like increased interest rates without tipping the country into a recession.
Source Fool.com
