The Dow's top stock of 2021 is off to a rough start this year
CNN
Home Depot was the Dow's best-performing stock in 2021, soaring more than 55% thanks to strong demand from consumers in what was a red hot housing market. But shares are off to a bumpy start this year.
Shares of Home Depot have fallen 23% because of fears about eventual rate hikes from the Federal Reserve hurting the housing market and consumer spending. Mortgage rates have already started to climb.
Concerns of a housing slowdown may be overblown, however: Home Depot (HD) reported fourth quarter earnings and revenue Tuesday that topped Wall Street's forecasts, with profit surging 17% and sales at stores open at least a year climbing a healthy 8.1%.
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