Broad stock market indexes were up in 2023 with technology stocks outperforming several other sectors. Here’s a look at the biggest gainers and laggards in the Dow Jones Industrial Average.
What Happened: The Dow Jones Industrial Average was created in 1896 by Charles Dow and is one of the oldest and most followed equity indexes for overall stock market health. The Dow Jones Industrial Average hit an all-time high of more than $37,000 in December 2023.
The Dow Jones Industrial Average consists of 30 stocks on a price-weighted basis. The Dow Jones Industrial Average ETF (NYSE:DIA), which tracks the index, is one of the most invested and followed ETFs.
In 2023, 19 of the Dow Jones component stocks were up, with 11 stocks declining for the full year.
The top five gainers for the full year were:
Salesforce Inc (NYSE:CRM): +98.5%
Intel Corporation (NASDAQ:INTC): +90.1%
Microsoft Corp (NASDAQ:MSFT): +56.8%
Apple Inc (NASDAQ:AAPL): +48.2%
Boeing Co (NYSE:BA): +36.8%
The top five losers for the full year were:
Walgreens Boots Alliance (NASDAQ:WBA): -30.1%
Chevron Corporation (NYSE:CVX): -16.9%
Johnson & Johnson (NYSE:JNJ): -11.3%
3M Co (NYSE:MMM): -8.8%
Coca-Cola Co (NYSE:KO): -7.4%
Four of the top five best-performing Dow components ranked in the top five at the mid-point of the year, with Salesforce, Apple, Microsoft and Intel ranking first, second, third and fourth, respectively, at the end of June.
Boeing jumped to the top five, passing American Express Company (NYSE:AXP), which ended the year tied for sixth with a 26.8% gain on the year.
Microsoft and Apple were two of the top gainers for the Dow Jones in 2023 and among the most talked about stocks for the year and gainers in other indexes. Microsoft made a splash in the artificial intelligence sector with a $10 billion investment in ChatGPT parent OpenAI in January. Apple released the newest version of the iPhone in the fall.
Intel was one of many chip stocks that saw a surge in its share price, but the 90% gain trailed the performance of NVIDIA Corporation (NASDAQ:NVDA), which was up over 220% in 2023.
For the losers, Walgreens led the way with a 30% drop in its share price. Oil stock Chevron ranked second with a near 17% drop, which came after oil stocks outperformed in 2022.
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