depending whether the diode is forward biased or reverse biased..
in the case of a forward bias the electrons from the power source will travel in to the N type material, pushing the excess electrons, making the depletion zone smaller until finally there is enough energy for them to jump across into the p type material, filling the holes and then on there way back to the positive anode.. This way current can only travel in one direction.. hence DC.
This is my understanding of it anyway..