Two months into the year, the average dividend yield of the Dow 30 has continued to rise since the start of 2009, despite some significant dividend cuts like those from CNBC parent, General Electric . At the end of 2008, the average yield on the Dow was 3.9%. Now that number has risen to 4.5% even after GE's plan for a 70% cut in its dividend and Bank of America's cut at the end of the year.
According to data from Thomson Reuters, Alcoa is now the highest yielding stock on the Dow. Note that these rankings are based on historical dividend yields and could change as happened with Citigroup and Bank of America at the end of 2008 and with GE and Pfizer this year.
Below is a table listing the yields of all 30 Dow components. The average yield for the index based on yesterday's close is 4.5%. Even if you are suspicious of the higher yielding financials, there may be some good value plays to consider here.