Markets have struggled to find any sort of clear direction in February after posting deep losses to begin 2016. A recent rebound in crude has helped the market stabilize over the past two weeks. However, myriad worries continue to spike volatility as investors veer back and forth between pessimism and cautious optimism.

Global growth concerns remain center stage as the G20 sounded increasingly desperate calling for coordinated efforts to boost worldwide demand before an upcoming summit. Although the major stock indices seem to have found a temporary floor in recent sessions, many areas of the market are deep in bear markets. Biotech, small caps, emerging markets, energy, and commodities are all in official bear markets, some of which are severe.

As investors and pundits agonize on what the next move of the Federal Reserve might or should be and whether a global recession can be avoided, I think the most prudent use right now for any “dry powder” on subsequent dips in equities is to buy cheap stocks with generous dividend yields. The high payouts should help to put a floor under significant declines, and right now I am finding good bargains in the market to snatch up.

Retailer Macy’s (NYSE: M) is one of the select group of stocks that has had a very solid 2016. This comes after a quite dismal 2015 for investors, however. The shares definitely feel like they have put in a bottom. The department store chain posted a very well-received quarterly earnings report last week easily beating both top and bottom line estimates.

The company also noted that it is seeing “strong interest” as it begins to contact parties regarding real estate deals. Stifel Nicolaus recently stated it could see some significant one-time gains from real estate transactions that will provide a boost to the share price in 2016. Some activists have publicly pushed the company to pursue this direction for some time given their belief that the company’s real estate holdings alone might be worth more than the market capitalization of the stock. Its Herald Square location that sits on one full city block in Manhattan could be worth $3 billion to $5 billion by itself. Regardless, the shares are still cheap at 10.5 times earnings with a 3.6% dividend yield.

Speaking of real estate, some lodging real estate investment trusts (REIT) have prompted concerns about slowing overseas travel due to the strong dollar and a spike in volatility in the high-yield credit markets. The latter was primarily triggered by the probability of increasing defaults from the energy sector. Many high-quality Lodging REITs are selling for 30% less or better than they were six months ago.

I recently added Summit Hotel (NYSE: INN) to my income portfolio. Summit has a portfolio of 83 hotels with a total of just over 11,000 rooms located in 23 states. Over 90% of the company’s total room count is in top 50 markets throughout the United States. These facilities are operated under premium franchise brands from the likes of Marriott and Hilton.

The company delivered quarterly results last week that easily beat both top and bottom line expectations as well as affirming solid forward guidance which was also slightly above the consensus estimate. During the recently completed quarter, the REIT reported strong 5.5% year-over-year RevPAR (Revenue per available room) growth. The stock goes for a little over eight times FFO (Funds from Operations) and yields 4.6%. The current price of $10.50 a share is some 15% lower than when several insiders made their last purchases in summer of 2015 and about $4.00 a share below 52-week highs.

Finally, we have drugmaker AbbVie (NYSE: ABBV).

 Like just about every major pharma or biotech concern, the shares have been held back somewhat by all the election driven chatter about drug price “gouging” which will amount to little or no legislative action when the presidential contest concludes in early November. I have been building a position in this fine company over the past few months as its stock is a great combination of growth, value, and yield. 

Earnings are set to expand some 15% to 20% annually in both FY2016 and FY2017 driven by its blockbuster drug Humira as well as an expanding pipeline. Citigroup upgraded the shares to a Buy on February 23rd. The median analyst price target on ABBV by the 16 analysts that cover the company is $73.00 a share, approximately 30% above Abbvie’s current trading level. The stock goes for just over 11 times forward earnings with a 4.2% dividend yield.

Another similar story to AbbVie is Amgen (NASDAQ: AMGN) which is seeing a bit less in the way of revenue and earnings growth, but offers solid value at under 14 times forward earnings and yields 2.7%.

In the topsy turvy market that been the hallmark of 2016 so far, all of these stocks offer value, growth, and yield. None of them are likely to be home runs, but hitting consistent singles with an occasional double mixed in seems the prudent play in the current environment.