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.

Morgan Stanley’s fourth-quarter profit more than doubled, boosted by trading revenue that came in well ahead of estimates on volatility tied to the US elections.

Morgan Stanley said its profit more than doubled in the fourth quarter, fueled by its investment banking and trading businesses. Profit surged 145% to $3.71 billion. That amounted to $2.22 per share,

Shares of Morgan Stanley gained in early trading Thursday, after the bank and broker beat both profit and revenue expectations for the latest quarter, fueled by strength in the equity and bond trading businesses.

Morgan Stanley's profit increased in the fourth quarter, fueled by a wave of dealmaking. The investment bank's earnings grew to $3.7 billion, or $2.22 per share, it said on Thursday, compared with $1.

CNBC's Leslie Picker joins 'Squawk Box ' to report on the company's quarterly earnings results.

The bank’s massive wealth management business will be helped by high stock market values in the fourth quarter, which inflates the management fees it collects.

Morgan Stanley (NYSE:MS) analyst team downgraded China Traditional Chinese Medicine Holdings Co. Limited (570:HK) stock from Equalweight to Underweight, adjusting the price target to HK$1.70 from the previous HK$2.