Welcome to our exchanges at Goldman Sachs Markets Update for Friday, November 13th.

Each week we check in the leader across the firm to get a quick take on what they're watching in markets. It's been a

particularly busy week with news around the presidential election and some news

on vaccines and COVID-19. I'm Jake Stewart Gold, the head of corporate communication here

at the firm and my guest today is David

Kostin, our chief U.S. Equity Strategist.

David, welcome back to the program.

Thanks for taking the time with so much going on.

Thanks, Jake.

Appreciate you invited me.

David, as I mentioned, we've had two big developments in the past week,

the Biden victory, or what we should say,

provisional victory, and the announcement of a successful trial of a COVID vaccine.

How do you view these two things and how did they move the market?

So absolutely the vaccine was much more important than the election.

Of course, it's always exciting and interesting

to talk about the election, but we have to keep front and center

that this was and is a public health crisis

that started nearly a year ago and ultimately solution to that crisis requires

a medical advance and of course the breakthrough, it appears to be a breakthrough by Pfizer on its vaccine is a significant development because

for the first time at least have a vision or a path, a perceived path to how you get to a more normalized society.

And so the reason that the vaccine is so critical

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