Major US indexes closed higher on Friday, as traders weighed the remarks from Fed Chair Powell at the Jackson Hole Summit. The Dow Jones rose 247 points, while the S&P 500 and the Nasdaq added 0.7% and 0.9%, respectively. Powell addressed the string of more resilient-than-expected economic data all summer long while stating that the Federal Reserve is prepared to raise rates further to bring inflation back to its 2% target. At the same time, Powell suggested that in September, interest rates would remain unchanged to evaluate incoming data, as well as the evolving outlook and potential risks.
The market closed lower at 1,183 (-0.51%) with divergence among sectors. Thereby, the sectors that recovered well in the second quarter saw growth on Friday, while the weak sectors showed a decline. Market liquidity increased slightly compared to the previous session and was lower than the 20-day average. Foreign investors continued to be net sellers with a value of more than VND 844 billion, mainly focusing on CTG and MWG shares.
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