This is because
"Dividend paying stocks in the S&P 500 returned 2.2% annualized during such times of tightening (increasing rates), while non-dividend stocks in the S&P gained 1.8%, according to Ned Davis Research. On the other end of the spectrum, during periods of easing (declining rates) by the Federal Reserve, dividend payers gained 10.2% annualized and non-dividend payers lost 1.3%. During times of neutral Fed policy is when dividend payers have performed best, returning 12.3% versus 6.2% for non-dividend stocks. There is no guarantee that stocks will continue to pay dividends.
"The bottom line is that despite the prevailing uncertainty and volatility in financial markets, investors still need growth in their portfolios. In the new world of investing, high-quality companies that pay and grow their dividends can be wise choices."
BlackRock still thinks that dividend paying stocks are a good long-term theme for investors' portfolios. "Increased volatility should signify the need for more selective dividend strategies," according to BlackRock.