Faced with signs the Federal Reserve has turned hawkish, investors have lost their taste for stocks known for generous dividends. A flurry of clues this month that the central bank could lift interest rates as early as June has fueled a rebound in Treasury yields. That’s diminished the appeal of payouts from shares, causing the S&P 500 Dividends Aristocrats Index to trail the broader equity benchmark by 1.6 percentage points in the 10 days through Wednesday, the widest spread since July.
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