US financial stocks rose 1.2% on Wednesday, outperforming the S&P 500 and closing at a record high. Wall Street banks continued to release strong earnings reports, and Morgan Stanley's performance exceeded market expectations. Morgan Stanley rose 6.5%, the biggest increase in nearly four years, closing at a record high of $119.51; third-quarter profit surged 32%, trading revenue rose 13%; and wealth management business revenue was $7.27 billion, higher than analysts' expectations. Bank of America rose 1.6%, J.P. Morgan Chase rose 0.6%, Goldman Sachs rose 1.4% to close at a record high, Citi rose 2.6%, and Carson Wealth Management rose 0.2%.

US financial stocks rose 1.2% on Wednesday, outperforming the S&P 500 and closing at a record high. Wall Street banks continued to release strong earnings reports, and Morgan Stanley's performance exceeded market expectations. Morgan Stanley rose 6.5%, the biggest increase in nearly four years, closing at a record high of $119.51; third-quarter profit surged 32%, trading revenue rose 13%; and wealth management business revenue was $7.27 billion, higher than analysts' expectations. Bank of America rose 1.6%, J.P. Morgan Chase rose 0.6%, Goldman Sachs rose 1.4% to close at a record high, Citi rose 2.6%, and Carson Wealth Management rose 0.2%.