(CNBC) Stocks rose on Thursday to fresh record highs after Morgan Stanley reported quarterly figures that easily topped analyst expectations while investors digested solid data on the U.S. economy.
The S&P 500 jumped 0.8% to 3,316.81, breaking above 3,300 for the first time. The Dow Jones Industrial Average gained 267.42 points, or 0.9% to close at 29,297.64. The Nasdaq Composite advanced 1.1% to 9,357.13 as Microsoft hit record levels while Google-parent Alphabet’s market cap topped $1 trillion for the first time.
Morgan Stanley’s three main businesses — investment management, wealth management and trading — all produced more revenue than expected in the previous quarter. The company’s stock jumped more than 6.5%. Other bank stocks, including Goldman Sachs and J.P. Morgan Chase, followed Morgan Stanley higher.
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