Dividend growth takes on more importance at Jefferies

Dividend growth has become just as important for U.S. stocks as earnings, according to Sean Darby, Jefferies Group LLC’s chief global equity strategist. Darby cited this year’s performance of the S&P 500 Dividend Aristocrats Index, consisting of companies that increased payouts for at least 25 straight years, in a report Monday. The index held a first-half lead of 5.1 percentage points over the S&P 500 through last week, and the gap would be the widest in its favor for a calendar half since 2008.