Home improvement retailer Lowe's boosts stock buyback program to up to $7.4 billion

Markets Associated Press

Home improvement retailer Lowe's says it add $5 billion to its spending plan for buying company stock.

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The Mooresville, North Carolina-based company still has $2.4 billion left over from its previous program, bringing the fund to $7.4 billion.

Results for retailers like Lowe's and Home Depot have gotten stronger as U.S. employment improves, giving homeowners the confidence to do more work on their houses. Home construction has also started to increase and many economists think the housing market will improve in the spring.

Shares of Lowe's Cos. have climbed 52 percent over the last year and are trading around all-time highs. The stock closed at $75.23 on Friday.