Morgan Stanley’s (MS) earnings from continuing operations were actually up 41% to $2.6 billion on a 32% rise in net revenue to $11.5 billion.

Underwriting, advisory service, and fixed income sales were up 39% to $7.4 billion, and that was the engine of the big financial firm’s growth. Pre-tax income in that group rose 55% to $3 billion. Wealth management, asset management and the Discover card businesses did fine, but could not match the pace of the company’s largest operating division.

It has to end some day as the private equity, hedge fund and equity markets continue to rocket upward. But, that day is not today.

Shares are up 2% in the pre-market to $89.60, just shy of the company’s 52-week high.

Douglas A. McIntyre