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 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.

Robinhood Markets (NASDAQ:HOOD) shares gained 3.8% in Friday morning trading after Morgan Stanley Research moved the Overweight-rated retail trading app to top pick, owing to "many vectors for growth that’s not yet reflected in valuation and the shareholder base.