Top Dow Jones Choices for January 2024: Apple’s Promising Performance

The Dow Jones Industrial Average closed December on a positive note, continuing the ongoing stock market rally. In January 2024, the top Dow Jones stocks to watch include Apple (AAPL), Merck (MRK), Amgen (AMGN), Microsoft (MSFT), and Visa (V). Notably, the stock market had clear winners and losers at the beginning of January, with Salesforce (CRM), Intel (INTC), and Microsoft leading the gains in 2023, while Walgreens Boots Alliance (WBA), Chevron (CVX), and Johnson & Johnson (JNJ) faced declines.

In 2023, the Nasdaq rallied 43.4%, and the S&P 500 gained 24.2%, while the Dow Jones Industrial Average saw a rise of 13.7%. Originating in 1896, the Dow Jones Industrial Average consists of 30 stocks and serves as one of the oldest stock market indexes, reflecting the overall U.S. stock market. As the current stock market rally progresses, investors are advised to focus on stocks demonstrating strong relative strength, as these could potentially lead market trends in 2024.

Highlighted among the best Dow Jones stocks for January 2024 are Amgen, Apple, Merck, Microsoft, and Visa.

Apple, part of the Magnificent Seven Dow Jones stocks, witnessed a 3.3% rally on Thursday, still trading below its 50-day line. With a solid IBD Composite Rating of 91 out of 99, Apple showcases a combination of fundamental and technical strengths, making it a stock to watch.

Merck, a pharmaceutical giant, is striving to break out above a 119.65 cup-base buy point. Despite a 0.4% dip on Thursday, Merck remains in focus for potential growth.

Amgen, another major player in the pharmaceutical sector, maintains an extended position beyond the cup base’s 288.46 buy point. Despite a 0.9% drop on Thursday, Amgen holds its ground and remains beyond the latest entry point.

Microsoft is making strides by breaking out above the 384.30 buy point from a flat base. With a 0.7% gain on Thursday, Microsoft is within the 5% buy area, reaching up to 403.52.

As a leader in payments, Visa has surpassed the cup base’s 250.06 buy point following a breakout in mid-November. With a 0.3% rise on Thursday, Visa hits a new high and remains an interesting prospect.

Investors are advised to assess current market conditions and utilize IBD Stock Checkup for comprehensive ratings based on crucial fundamental and technical criteria before making investment decisions. Ongoing chart analysis and trading signals can be explored through unique features available at MarketSmith, Leaderboard, and SwingTrader.