Bank Earnings Clear Path for Stock Record Highs

Morgan Stanley’s stock traders joined the rest of Wall Street with a record-breaking first quarter. The firm took in $5.15 billion from equity trading in the first three months of the year, according to a statement Wednesday. The 25% jump came in ahead of expectations and boosted total trading revenue to $8.51 billion. Morgan Stanley’s closely watched wealth business pulled in $118.4 billion in net new assets, more than expected. As Bank of America Corp.’s stock-trading desk set a record, riding a wave of volatility that helped push the bank’s earnings to the highest in nearly two decades. Bloomberg's Herman Chan joins to discuss these two big bank earnings. (Source: Bloomberg)