BOSTON (TheStreet) -- Investors who want to stick with equities despite the downturn will be rewarded as much as 6% in Dow dividends. A total of 22 of the 30 companies in the Dow Jones Industrial Average are now yielding more than 10-year U.S. Treasuries.

The market selloff is boosting dividend yields on many stocks. At the same time, brisk buying of U.S. Treasuries following the S&P downgrade of the U.S. credit rating has dropped the yield on the 10-year Treasury to only 2.37%. While rates are expected to increase at some point, many investors are noting the value that can be had in large-cap U.S. stocks with outsized dividends.

One of those professional investors is Bill Stone, chief investment strategist at PNC Asset Management Group. In a research note Monday, Stone advocates an allocation to dividend-focused stocks within the U.S. large-cap stock group, as he says this "should effectively lower some volatility in the portfolio while providing the opportunity to add some income and risk-adjusted performance."

"This allocation (using the Dow Jones U.S. Select Dividend Index as a proxy) has performed as we had hoped and has outperformed the S&P 500 both year-to-date and in periods like last week," Stone writes. U.S. indices fell upwards of 7% last week before Monday's selloff.

Stone remains positive regarding stocks relative to bonds and cash, and he says he views the current pullback as an opportunity to buy. While Stone doesn't offer specific equities,

TheStreet

has parsed the full list of Dow components and ranked them by dividend yield.

-- Written by Robert Holmes in Boston

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