Home Depot Stock Actually Gained 15% in the Second Half of 2022. Is the Worst Over?
Home Depot (NYSE: HD) stock closed out a brutal year on a positive note. Shares gained 15% in the final six months of 2022, beating the 1.4% uptick in the S&P 500 during that time. The home improvement retailer still trailed the market for the full year after losing 24% of its value.
The late-year gain came as investors grew less worried about an impending profitability collapse, although Home Depot still faces some big challenges in 2023.
The main factor pushing shares higher in late 2022 was solid financial results. Home Depot said in mid-November that revenue rose by nearly 5% for the Q3 period that ran through late October. Profitability held up, too, despite soaring expenses.
Source Fool.com
