Housing Market Recovery Boosts Home Depot Profit & Sales and 2 Other Dow Movers to Watch
The Home Depot Inc. (NYSE:HD): Current price $75.26
The ongoing recovery in the domestic housing market is helping to raise Home Depot’s quarterly profit and sales above estimates, encouraging the giant home improvement chain to elevate its outlook for the fiscal year. The company also posted its first double-digit rise since 1999 in sales at stores open a minimum of a year and saw its highest quarterly transaction count in its history, according to Chief Executive Frank Blake on Tuesday.
These figures appeared only days after data indicated that domestic housing starts rose by 5.9 percent in July, affording more evidence that the market for homes is healing following years of weakness.