Dow Jones (DIA) ETF has hit a record: Here are its top gainers in 2023

The SPDR Dow Jones Industrial Average (DIA) ETF spectacular rally continued this week as the index hit another record high. The fund, which tracks the blue-chip Dow Jones index, soared to a record high of $375.40 on Tuesday, bringing the year-to-date gains to over 15%. Other popular ETFs like the SPDR S&P 500 (SPY) and Invesco QQQ (QQQ) have also rallied.

Top Dow Jones gainers in 2023

The Dow Jones index has jumped sharply this year, helped by the strong performance of most of its constituent companies. Technology components were among the best performers this year.

Salesforce stock price almost doubled in 2023 as the company focused on profitability and as several activist investors put more pressure on the firm. In the past, CRM was focused by growing through acquisitions, with some of the popular buyouts being Slack and Mulesoft.

Intel stock price was the second-best performing DIA component as it soared by over 76%. The company is benefiting from tailwinds on artificial intelligence and the slow comeback of the personal computing industry. Still, the company continued to lag the likes of Nvidia and AMD.

Microsoft and Apple were the other top movers in the Dow Jones index as they soared by over 51%. The two companies are also benefiting from AI, with Microsoft having a pole position because of its investment in OpenAI. 

Watch here: https://www.youtube.com/embed/G7dCPwSxjWY?feature=oembed

Unlike other companies, the two firms also benefited from higher interest rates, which led to more interest income. Microsoft and Apple have hundreds of billions of dollars in cash and short-term investments. IBM, popularly known as The Big Blue, also jumped because of its AI investments.

Other top movers in the DIA ETF were Boeing, JPMorgan, Visa, and Caterpillar. Boeing shares soared after the company saw robust demand as the aviation industry recovered.

Key laggards in the Dow Jones

Not all companies in the Dow Jones had a great year. Walgreens Boots Alliance, again, continued its long track record of underperformance as its stock crashed by more than 30%. The company has continued generating meager returns, which helped to push its CEO out. 

Chevron stock price crashed by 15% this year as the price of crude oil and natural gas continued falling. The company is having a long-term view of the energy industry, which explains why it is currently acquiring Hess.

Other top laggards in the DIA ETF this year were Johnson & Johnson, 3M, Coca-Cola, and Verizon Communications.

DIA ETF stock price analysis

DIA chart by TradingView

The daily chart shows that the SPDR Dow Jones ETF has been in a strong rally recently. This rally gained steam when the shares flipped the important resistance point at $353.43 into a support. This was an important level since it was the highest point on August 1st. 

The stock has remained above the 50-day and 100-day Exponential Moving Averages (EMA). Most importantly, it has moved above the upper side of the Andrews Pitchfork tool while the Average Directional Index (ADX) has moved to 60. This is a sign that there is a strong momentum.

Therefore, the outlook for the DIA ETF is positive, with the next point to watch being at $400. 

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