Morgan Stanley: “While we understand the desire for optimism, we also caution that the US outbreak is far from over. Recovering from this acute period in the outbreak is just the beginning and not the end. We believe the path to re-opening the economy is going to be long.”

This is from Matthew Harrison, head of biotech research at Morgan Stanley.

“Investors cannot afford to lose sight of the fact that only a vaccine will provide a true solution to this pandemic.”