Dow Jones Stocks Surge in First Half of 2023: Goldman Sachs Leads the Way

Strategic Insights -

Dow Jones stocks showed a remarkable rebound in the first half of 2023, with Goldman Sachs leading the pack. The Dow Jones index itself rose 12.7% year-to-date, significantly outperforming the broader market. Goldman Sachs, American Express, Walgreens Boots Alliance, and Chevron were among the top performers, driven by a combination of factors including brisk market activity, deal-making, and a rebound in consumer spending.

Key Takeaways:

  • Goldman Sachs stock rose 43.9% in the first half of 2023, driven by a record high share price and a boost from the bank's plan to raise its dividend from $1.25 to $2 per share.
  • American Express stock rose 36.6% over the past six months, helped by a rebound in consumer spending and a record high share price.
  • Walgreens Boots Alliance stock rose 31.9% in the first half of 2023, driven by a strong earnings report and an updated full-year profit outlook.
  • Chevron stock rose 24% in the first half of 2023, driven by a surge in crude prices and a strong earnings report.

The big banks, including Goldman Sachs and JPMorgan Chase, have benefited from a strong rebound in the economy and a surge in deal-making. JPMorgan Chase edged past Microsoft to take the fifth spot with a year-to-date gain of 22.4%. The bank announced a bigger dividend and maintained its previous stock buyback plan.

Notably, Walgreens Boots Alliance has a Composite Rating of 57 and an EPS Rating of 44, indicating strong fundamental performance. The company has also made significant progress in its digital health efforts and its new CEO, Roz Brewer, is expected to lead the company to strong growth in the future.

Statistics:

  • Goldman Sachs stock rose 43.9% in the first half of 2023, with a Composite Rating of 97 and an EPS Rating of 91.
  • American Express stock rose 36.6% over the past six months, with a Composite Rating of 64 and an EPS Rating of 67.
  • Walgreens Boots Alliance stock rose 31.9% in the first half of 2023, with a Composite Rating of 47 and an EPS Rating of 44.
  • Chevron stock rose 24% in the first half of 2023, with a Composite Rating of 31 and an EPS Rating of 13.
  • JPMorgan Chase stock rose 22.4% year-to-date, with a Composite Rating of 82 and an EPS Rating of 90.

Sources:

  • Bloomberg
  • CNBC
  • Dow Jones
  • Jefferies analysts
  • Bank of America analysts
  • The International Energy Agency