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Morgan Stanley, Citi Emerge as Winners of Earnings Blitz

  • Both banks gained after profits and revenue beat forecasts
  • Overall sector still under investor scrutiny on global concern
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Morgan Stanley and Citigroup Inc. shares outperformed their peers Thursday on stronger-than-expected results after five of the six largest U.S. banks reported first-quarter earnings this week.

Both banks’ shares posted initial advances of at least 3.5% before paring their gains amid a broader market pullback. The move higher was bolstered by big gains from their fixed income and equities trading businesses resulting in beats of analyst forecasts for both revenue and earnings. It’s a welcome change of pace for their investors, who have endured more than two months of rocky trading as bank stocks declined.