Shares of Morgan Stanley's are moving higher on Thursday after it reported that profit doubled in the second quarter to nearly two billion dollars because of the strong momentum in its investment banking and wealth management businesses. Morgan Stanley's Q2 earnings came in at $0.60 cents a share, that's a nickel better than what had been expected. Revenue rose about 1% to $8.6 billion, that was also better than estimates. The wealth management division alone brought in $5.3 billion in the quarter. The other focus was trading. Volumes have been down at all banks and Morgan Stanley's trading revenue fell close to 15% from one year earlier to $2.5 billion. That's worse than expectations, but not by too much. TheStreet's Julia Sun reports from New York.

More from Video

60 Seconds: What is the Yield Curve and Why is Everyone Talking About It?

60 Seconds: What is the Yield Curve and Why is Everyone Talking About It?

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

Millennials Love Investing in Timeshares: Bluegreen Vacations CEO

Millennials Love Investing in Timeshares: Bluegreen Vacations CEO

60 Seconds: What's the Difference Between an ETF and a Mutual Fund?

60 Seconds: What's the Difference Between an ETF and a Mutual Fund?

Amazon's One-Year Anniversary of Buying Whole Foods: A Whole Lot of Silly Hype

Amazon's One-Year Anniversary of Buying Whole Foods: A Whole Lot of Silly Hype