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SPDR Dow Jones Industrial Average ETF (DIA) - free report >>
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SPDR Dow Jones Industrial Average ETF (DIA) - free report >>
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Dow Jones Industrial Average ETF (DIA) Hits a New 52-Week High
For investors seeking momentum, SPDR Dow Jones Industrial Average ETF Trust (DIA - Free Report) is probably a suitable pick. The fund just hit a 52-week high, up roughly 31.1% from its 52-week low of $216.97/share.
But does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
DIA in Focus
The fund is based on the Dow Jones Industrial Average that is composed of 30 "blue-chip" U.S. stocks. DIA is charging 17 bps in fees. The fund has amassed $22.58 billion in AUM.
Why the Move?
All the three major U.S. bourses are scaling new all-time highs. The Sino-US trade deal optimism and rounds of upbeat economic data are the major drivers behind the upside. Notably, the world’s two largest economies, United States and China, recently announced agreeing on a phase-one trade deal. Within the trade pact, the United States has agreed to lower its 15% tariff to 7.5% on about $120 billion worth of Chinese goods. The country has also indefinitely suspended tariffs on roughly $160 billion of Chinese consumer goods, scheduled to be imposed on Dec 15. Moreover, the upbeat jobs report, positive U.S. housing data and encouraging manufacturing updates are hinting toward a healthier economy. These factors have raised the optimism among investors, making the fund an attractive pick.
More Gains Ahead?
Currently, DIA has a Zacks Rank #1 (Strong Buy). Moreover, it seems DIA might remain strong given a positive weighted alpha of 24.10.
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