Financial stocks in the United States climbed 1.2%, outperforming the S&P 500 Index and closing at a record high. Major Wall Street banks continue to deliver robust earnings reports, with Morgan Stanley (MS, Financial) leading the way.
Morgan Stanley (MS, Financial) shares surged 6.5%, marking the largest increase in nearly four years, and closed at a record high of $119.51. The company's third-quarter profits jumped by 32%, boosted by a 13% rise in trading revenue. Its wealth management segment also impressed, generating $7.27 billion in revenue, surpassing analysts' expectations.
Other financial institutions also saw gains: Bank of America rose by 1.6%, JPMorgan Chase increased by 0.6%, and Goldman Sachs was up 1.4%, closing at a record high. Citigroup experienced a 2.6% rise, while Charles Schwab added 0.2% to its value.
