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Article: Stocks: Morgan Stanley's Performance Boosts Bank, Brokerage Stocks.
- Article from:
- American Banker
- Article date:
- March 26, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -
Bank and brokerage stocks rallied on Thursday, fueled by a strong earnings report from Morgan Stanley Dean Witter & Co., which analysts said suggested the financial sector has rebounded from the turmoil of last fall.
Income at the New York investment bank jumped 81% to $1.04 billion in its fiscal first quarter, which ended Feb. 28, paced by renewed strength in the global markets and securities businesses.
"This is viewed as a positive sign" for other banking and brokerage companies, said Charles Peabody, equities analyst with Mitchell Securities, New York.
On a per-share basis, profits at Morgan Stanley increased to $1.76 ...