Morgan Stanley's profit more than doubled in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record.

Morgan Stanley’s traders beat analysts’ estimates in the fourth quarter, joining their other Wall Street rivals in reporting a strong end to the year on volatility tied to the US elections and economic data in the final months of 2024.

Morgan Stanley said its profit more than doubled in the fourth quarter, fueled by its investment banking and trading businesses. Profit surged 145% to $3.71 billion. That amounted to $2.22 per share,

Shares of Morgan Stanley gained in early trading Thursday, after the bank and broker beat both profit and revenue expectations for the latest quarter, fueled by strength in the equity and bond trading businesses.

Morgan Stanley’s institutional securities group, which houses its investment banking and trading businesses, reported revenue of $7.3 billion in the fourth quarter, a 49% jump from $4.9 billion a year earlier.