Morgan Stanley swings to second-quarter profit

However revenue declined due to a slowdown in trading and dealmaking volumes.

Morgan Stanley swung to a profit in the second quarter, though revenue declined due to a slowdown in trading and dealmaking volumes.

The investment bank reported $564 million, or 29 cents per share, in earnings, compared with a loss of $558 million, or 38 cents per share, in the year-ago quarter. Morgan Stanley also lost money in the first quarter.

Its results included a $350 million gain from changes in Morgan Stanley's credit spreads, but generally beat what many analysts had been expecting.