Morgan Stanley's Q3 Profit Surges 32%, Stock Gains 8.2% on Dealmaking Recovery

Oct 16, 2024, 01:00 PM

Morgan Stanley reported a significant profit jump of 32% for the third quarter, driven by a recovery in dealmaking activities such as mergers and acquisitions (M&A) and debt issuance. The Wall Street firm surpassed earnings expectations, beating both top and bottom line targets and posting better-than-expected revenue. This financial performance has led to Morgan Stanley's stock surging toward an all-time high, with an intraday gain of 8.2%, the largest since November 2020.