The yield on Standard & Poor's 500-stock index is 3.6%, and stocks of many solid companies are yielding 5% or more. That's especially significant given how low interest rates are.

For sure, some stocks may prove less resilient than others.

Until a few weeks ago, investors weren't even thinking about preparing for a recovery, hoarding cash and U. S. Treasury bonds and defensive stocks that would perform better than most in a recession.