Welcome to Closing Bell. I'm Sarah Eisen in today for Scott Wapner, live from Post 9 of the New York Stock Exchange.

This make-or-break hour starts with new record highs for the markets. Look at the Dow. It's up 160 points, S&B 500, up 6 tenths of 1%. And the NASDAQ is the leader, Intel, Nvidia, front and center there.

The NASDAQ popping more than 1%.

The Russell 2000, small caps on pace for first record closed for them since November 2021.

So playing catch-up.

It all takes us to our talk of the tape.

How do you want to be positioned with stocks here at all-time highs?

Joining me now is Goldman Sachs's Mina Flynn. Mina, it's great to have you on the show from the private wealth department.

What are you telling your clients at this point now that we have seen such a strong melt-up

in stocks? Absolutely. We're encouraging our clients to continue to stay invested and with

incremental capital to really look to put that to work over a six to

18 month time period. And we are expecting drawdown. So whenever you've got a market that's

at the 10th decile, such as what we are now, it is likely that you're going to get a drawdown.

In fact, there's an 80% probability of a 10% drawdown. That being said, valuations aren't the best

predictor of what forward market performance is going to be. So we've been in that 10th

decile since December of 2016. And since that time, the market's actually returned 200%. So we're

really focused on earnings. What about the sentiment

from your clients? I know you represent a lot of family offices and all different types of

clients. What are you hearing? Client sentiment, I would say, is relatively mixed. And so I would say

that if you look at our wealth management clients, they are neutral to risk on.

And so, as you mentioned, work with family office clients.

We just did an Insights report that looked at a cohort of these clients.

...