Abstract: A portable power tool includes a retractable hook assembly by which the tool can be safely suspended from the framing of a building under construction, out of harm's way yet within easy reach, when the tool is not in use. The retractable hook assembly desirably includes a cable and a spring-loaded cable retraction spool for coupling the hook to the tool. The hook is adapted to be maintained in an out-of-the-way position when the tool is in use so as not to interfere with the tool's normal operation. When it is desired to set the tool down, the hook is withdrawn from the assembly and engaged with a horizontal framing member. In one arrangement, the retracted hook is oriented so that it can engage a framing member directly, without first being manually withdrawn from the assembly. The retractable hook assembly can be retrofit onto existing power tools and provides safety and convenience measures not heretofore available.