| The stock market is at it again. The S&P 500 shot to the highest levels since early March after Moderna, the Massachusetts biotechnology company, said its potential vaccine for the new coronavirus showed signs of being able to ward off the pathogen in an early-stage study. Finding an inoculation against a disease that has caused painful suffering for millions and brought the global economy to a standstill would be an unalloyed good thing. Moderna's data suggested that there are no major safety concerns with its drug, a crucial first hurdle for a medication that could eventually be given to hundreds of millions of otherwise healthy people. The news administered yet another jolt to Moderna's shares, which have more than tripled in value since the beginning of April and made one MIT professor a near-billionaire. Moderna first sold shares to the public in late 2018, and though investors were enthusiastic about its potential personalized genetic therapies for cancer, its stock price had mostly languished close to or below its debut level. That's not unusual for younger biotechnology companies that use IPOs to fund research and keep the lights on—actual products, and revenue, and returns (or often an acquisition by a bigger company), usually come later. But for Moderna, the pandemic has upended the normal trajectory, and it has become a darling of the investing class with nary a banker's deal book in sight.  A scientist works in the lab at Moderna in Cambridge, Mass. Photographer: Boston Globe What's much harder to parse is the surge in the wider market caused by Moderna's early data. As exciting as the prospect of a vaccine is, it is still far from a sure thing—and certainly no immediate salve for the economic pain the lockdown has delivered. Even if Moderna's vaccine sails through the remaining, more critical, legs of its clinical development, the drug must still be made in enormous quantity and then given to millions around the world. That takes time. Potentially a very long time. In the meantime, the economy's road to recovery is likely to only get more complicated. We've been here before, and recently. Last month, the stock market was churned up by early glimmers of encouraging data on Gilead Sciences's remdesivir, now the only FDA-authorized treatment for Covid-19. Gilead rallied then, but its shares have fallen 11% since hitting a 52-week high on April 30. Questions about the distribution of that drug abound, and meanwhile people keep getting sick while grim economic data piles up. This past weekend, the weather around much of the U.S. started to feel more like summer. Throngs arrived in the parks and on the beaches. The market too was drawn out by the promise of a brighter day, but investors should still be wary of crowds.—Tim Annett | 
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