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’s shares rose 2.8% on Thursday after the lender topped the market estimate for fourth-quarter profit on higher investment banking and equity revenue. The bank’s net earnings more than doubled to $3.