Morgan Stanley's profit beat Wall Street estimates in the second quarter as its traders cashed in on volatile markets, mirroring results among its Wall Street rivals. Equities trading revenue surged 23%,

Morgan Stanley's quarterly earnings of $2.13 a share on revenue of $16.8 billion exceeded analysts' estimates. Wall Street had forecast earnings per share of $1.98 and revenue of $16.1 billion. For the same period a year ago,

Morgan Stanley's profit climbed as market volatility buoyed its trading desk, echoing second-quarter results among its Wall Street rivals. The investment bank posted net income of $3.5 billion, or $2.