Morgan Stanley’s profit of $1.41 billion tops forecasts

The investment bank, which was criticized last year for being too conservative as markets recovered, said it had $4.1 billion in sales and trading revenue, almost triple the $1.4 billion of a year earlier. Other banks with large trading operations, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., also used trading profits to beat earnings' forecasts.

The company's stock rose $1.37, or 4.5 percent, to $31.82 in midday trading.

Banks have been profiting from continuing low interest rates that allow them to borrow money cheaply and put it into higher-yielding investments such as stocks.