CNBC News Now: Home Depot’s earnings show trend of DIY projects
CNBC News Now
February 23, 2021
The Dow up 15 points
The S&P added 4
The NASDAQ down 67
Federal Reserve chair Jerome Powell testified before Congress telling lawmakers inflation is still soft – and that the economic outlook is “highly uncertain.” That eased fears that the Central Bank could make a change to monetary policy – and helped bring the dow back from being down triple digits earlier in the session.
Home Depot’s fourth-quarter earnings show that the trend of do-it-yourself projects is still going strong and that many Americans continue investing in their homes. Same-store sales grew 25 percent matching the growth rate Home Depot saw in the early days of the pandemic. And customers spent more when they visited the store too.
Best Buy will pay pandemic-related bonuses to its hourly workers. The company also says it will give additional paid time off to those who get the covid-19 vaccine. Best Buy’s sales have jumped due to pandemic-related lockdowns as customers bought appliances and other electronics.