NEW YORK, June 28 — Bank shares boosted the Dow Jones and the S&P 500 indexes today as the big four lenders raised dividends following a stress test, but a sharp drop in consumer confidence brought to fore the risks from rising inflation.
The Conference Board said its consumer confidence index dropped 4.5 points to a reading of 98.7 this month, as worries about high inflation left consumers anticipating that economic growth would weaken significantly in the second half of the year. Morgan Stanley rose 3.1 per cent and led gains among big banks including Goldman Sachs, Bank of America and Wells Fargo. The S&P 500 banks index rose 1.7 per cent.
Shares of Walt Disney Inc gained 3.4 per cent the company's Shanghai Disney Resort said it would reopen the Disneyland theme park on June 30 after being shut for more than three months.
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