1 Dow Stock Down 24% to Buy in 2022
The Dow Jones Industrial Average fared better than the S&P 500 in 2022. Yet the more focused index was still down 10% through late December. A few blue-chip Dow stocks outperformed that result, but many posted double-digit declines this year.
The good news is that the pessimism has created some attractive buying opportunities for investors seeking bargains. With that in mind, let's take a closer look at one stock, Home Depot (NYSE: HD), which has declined by 24% but still looks like a great long-term addition to your portfolio.
There's no denying that Home Depot is entering a potentially difficult period for the business. The housing market is slowing rapidly as mortgage financing costs soar. The home improvement niche might be under intense pressure in 2023 even if the Federal Reserve succeeds in bringing down inflation without tipping the economy into a recession. That risk helps explain why this cyclical stock is down this year.
Source Fool.com
