With a drop in global bond yields, the stock market is looking more attractive to yield hunters. One stock looks especially good to JC O'Hara, chief market technician at MKM Partners.
The Dow component offers a 2.6% dividend yield, higher than the 2% average on the S&P 500 and above the 10-year's 1.7%. The home-improvement retailer has also outperformed the rest of the market this year, gaining 21% compared with the S&P 500's 15% advance.
Home Depot is still 4% from its $200 support level. A move to $220 represents 6% upside from its Wednesday close."If you want to stay defensive but still stay offensive at the same time, I really likebecause it's completely defensive in the sense that it's not sensitive to the capex cycle of the global economy. It's doing very well organically with its portfolio of beverages, " said Schlossberg.
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