Moderna had its best trading day ever as the company reported positive results from a landmark cancer vaccine trial.

The biotech giant’s stock skyrocketed 177% Wednesday after Moderna and Merck reported that their vaccine helped reduce the recurrence of melanoma. It’s the first successful late-stage study for any mRNA-based cancer therapy. The surge also enriched co-founder Robert Langer, who regained his billionaire status with a net worth of about $1.7 billion.

The vaccine’s potential impact is massive: About 112,000 new cases of melanoma, a form of skin cancer, are diagnosed in the U.S. each year, according to the American Cancer Society.

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Federal Reserve officials signaled that a rate hike would likely be necessary unless inflation moderates, according to minutes from its July meeting, though the outlook for consumer prices was “highly uncertain.”

The Treasury Department said Wednesday that U.S. debt has surpassed $40 trillion for the first time, with the amount owed more than doubling under Presidents Donald Trump and Joe Biden, Reuters reports.

Bitcoin led a rally in major cryptocurrencies as it rose above $72,000 on Thursday morning, a day after Trump hosted top crypto industry executives and called on Congress to pass the “CLARITY Act.”

The price of gold shone again amid a mostly stagnate summer, as the precious metal reached its highest price since early June. Analysts including TD Securities attributed the “jolt of life” in the metals market to an announcement that the Treasury Department would double the size of........

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