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Its revenue and adjusted earnings came in better than analysts were expecting, however, sending Morgan Stanley’s stock price up 3 percent in early trading Friday.

Morgan Stanley reported legal expenses of $1.2 billion related to mortgage-backed securities lawsuits and investigations for the quarter.

U.S. banks are still dealing with the fallout of the financial crisis more than half a decade after it began. JPMorgan on Tuesday reported results that were impacted by legal expenses and Citigroup said Thursday that it had $800 million in legal costs in the fourth quarter. Citi said it expected those kinds of expenses to continue for the banking industry.


By The Associated Press=

The Dow Jones industrial average rose 41.55 points, or 0.3 percent, to close at 16,458.56. The Standard & Poor’s 500 index slipped 7.19 points, or 0.4 percent, to 1,838.70. The Nasdaq composite fell 21.11 points, or 0.5 percent, to 4,197.58.

Benchmark crude for February delivery rose 41 cents to close at $94.37 in New York. In other energy futures trading in New York, natural gas fell 5.6 cents to close at $4.326 per 1,000 cubic feet, heating oil rose 3.9 cents to close at $3.024 a gallon and wholesale gasoline rose 2.5 cents to close at $2.620 per gallon. Brent crude for March delivery was up 73 cents to $106.48 in London.