Talk about possible tapering of the Federal Reserve's quantitative easing (QE) sparked a sharp sell-off among high-yield dividend stocks in May and June, but now those stocks are rebounding with vigor.

The S&P High Yield Dividend Aristocrats, an index of companies with a history of rising dividends, has surged 7.7 percent since June 24, when it closed at a four-week low, The Wall Street Journal reported.

The MSCI U.S. REIT index has jumped 9 percent since slumping to a six-month nadir June 20, though it's still far below its March peak.

Editor's Note: Make 2013 the Year You Pay Zero Taxes

The gains have come as fears about the Fed have eased. Central bank officials have made it clear that even if they do begin tapering QE this year, interest rates will remain at their historic lows for a long time to come.

"Interest-rate-sensitive sectors have definitely come off their lows and recovered," said Margie Patel, a senior portfolio manager at Wells Capital Management. "There's still a huge fundamental demand for income, and that's what stepped in when these companies got too cheap."

"MLPs [master limited partnerships], REITs [real estate investment trusts] and dividend-paying common stocks are important places for people to be diversifying their income stream," Erik Davidson, deputy chief investment officer at Wells Fargo Private Bank, told The Journal.

"That's a long-term trend, and there will be some bubbles there from time to time, but people are desperate for income."

Josh Peters, director of equity income strategy for Morningstar, says on the firm's website that while dividend stocks have underperformed compared to the rest of the stock market over the past couple months, "there aren’t a whole lot of what you call flat-out bargains."

Two companies he likes are American Electric Power and Clorox.

Editor's Note: Make 2013 the Year You Pay Zero Taxes