Morgan Stanley stock rallied to a new record after the bank reported quarterly earnings that beat Wall Street’s expectations. Profit rose 32% to $3.19 billion. That amounted to $1.88 per share, which was better than expected.

Morgan Stanley's profit rose in the third quarter, fueled by a rebound in dealmaking that also helped its rivals.

I am bullish on IPOs and M&A coming back,” said the banks’ CEO. “It may take some time…I think these are going to be global, mature companies that are very much