REUTERS: U.S. companies are cutting their dividends less than investors anticipated, providing a potential boost to a stock market rally that has clashed with concerns over a recent surge in coronavirus infections.
U.S. financial markets are closed on Friday for the July 4th holiday. On Monday, data firm IHS Markit reports its surveys of U.S. business activity, while Walgreens Boots Alliance Inc reports quarterly results on Thursday and U.S. initial jobless claims are also due out that day. The gap between the S&P 500 dividend yield and the 10-year Treasury yield in March hit a high not seen since at least the 1970s, according to Datastream data, which does not go back further. Currently, the S&P 500's dividend is nearly 2per cent, compared with the benchmark 10-year U.S. Treasury's 0.67per cent yield.
"I have plenty of older clients who only want dividend stocks," Dollarhide said."There are plenty of COVID-19 dividend plays," he added.
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