The nearly decade-long era of ultra-low interest rates has been kind for dividend-paying stocks. Not only have they often offered payouts that are more robust than the yield on 10-Year Treasuries, but they have also racked up spectacular share price gains.
The SPDR S&P Dividend ETF (SDY) for example, has rallied an impressive 215% since the market bottomed out in March, 2009.
But income-oriented investors now face a changing backdrop. Rising bond yields are now surpassing the payout levels of many dividend producers.
