Goldman is optimistic on a vaccine, says investors should focus on that instead of election

A volunteer is injected with a vaccine as he participates in a coronavirus disease (COVID-19) vaccination study at the Research Centers of America, in Hollywood, Florida, U.S., September 24, 2020.
Marco Bello | Reuters

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With the election three weeks away, investors are focused on evaluating what a Trump second term or Biden presidency might mean for stocks, but Goldman Sachs said the most important driver of equities remains developments on the Covid-19 vaccine front.

"The vaccine represents a more important factor than the election result for the path of equities," the firm's strategists led by David Kostin said in a recent note to clients. "Our assessment of both vaccines and treatments remains optimistic."