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Stock Market Sell-Off: Is Home Depot a Buy?
The stock market reacted to the news as you’d expect with the Dow Jones Industrial Average plummeting 1,300 points, or 4%, and the S&P 500 losing a similar percentage with just five stocks in the popular index finishing in positive territory. Home Depot (NYSE: HD), which occupies a spot on both the Dow and S&P indexes, tumbled 6.5% in the aftermath as the likelihood increases that the Federal Reserve will hike interest rates by at least another 75 basis points when it meets later this month. Residential housing starts fell 14.4% last month, mortgage rates exceeded 6%, and 63% of small businesses are pausing the hiring of new workers, according to a survey by small business network specialist Alignable.
