Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (1.4%), and DJIA (+0.8%) continue to chart new session highs as all eleven S&P 500 sectors trade higher. 

The financials sector (+0.9%) holds a solid gain, supported by strong earnings reports from its major banking names. 

Morgan Stanley (MS 165.75, +10.41, +6.70%) easily surpassed expectations for both EPS and revenue in Q3, delivering one of its strongest quarters in years. Expectations were high following solid results from its peers, yet the company managed to exceed them decisively.

Total revenue rose 20% year-over-year to $15.8 billion, with broad-based strength across wealth management, equity trading, and equity underwriting.

The firm outperformed Goldman Sachs (GS 773.84, +3.08, +0.40%) this quarter in key areas, posting stronger investment banking (+44% vs. +42%) and equity trading growth (+35% vs. -9%).