Morgan Stanley: Financial Winner

NEW YORK ( TheStreet) -- Morgan Stanley ( MS) was the winner among the largest U.S. financial names on Friday, with shares rising over 2% to close at $23.94.

The broad market rally continued, with slight increases for the Dow Jones Industrial Average and the S&P 500 Index ( SPX.X), while the NASDAQ Composite rose 1%.

The KBW Bank Index ( I:BKX) was up slightly to close at 58.53, with all but five of the 24 index components ended Friday's session with gains.

With a very strong U.S. dollar, the spot price for gold for June Delivery at the COMEX division of the CME fell by $32, or 2.2%, settling at $1,436.60 an ounce. Gold declined below a key support level, according to Phil Streible, senior commodities broker at RJO Futures.

The dollar ended the week above a key level of 101 versus the Japanese yen, which appeared to be bullish for stock markets, as bond yields rose worldwide on Friday.

Shares of Morgan Stanley have returned 26% this year, following a 28% return during 2012. The shares trade for 0.9 times their reported March 31 tangible book value of $27.39, and for 9.5 times the consensus 2014 earnings estimate of $2.53 a share, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $2.06.

Please see TheStreet's earnings coverage for details on the company's first-quarter results.

Interested in more on Morgan Stanley? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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