Investors seeking momentum may have SPDR Dow Jones Industrial Average ETF (DIA Quick QuoteDIA - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of DIA are up approximately 27.4% from their 52-week low of $190.68/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

DIA in Focus

DIA focuses on providing exposure to blue chip companies in the U.S. equity market. The fund has key holdings in the Industrials, Information Technology and Financials sectors, with an allocation of 22.5%, 17.2% and 16.6%, respectively. DIA charges investors 17 basis points in fee per year. Its top holdings include Boeing Company, Goldman Sachs Group Inc. and 3M Company with almost 22% of the assets allocated to them (see all Large Cap ETFs here).

Why the move?

Of late, President Donald Trump’s tax reform has been in the spotlight. Optimism related to the success of the Republican tax reform bill has led to a rally in the markets. Moreover, strong economic data points at strong global and domestic demand. Per the second estimate of GDP growth, the U.S. economy grew 3.3% in the third quarter.

More Gains Ahead?

Currently, DIA has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook. Moreover, the fund has a weighted alpha of 28.0. So, there is a promising outlook ahead for those who want to ride this surging ETF a shade further.

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