A surging stock market and a flurry of deal-making padded the profits of Wall Street’s two big investment banks, which both saw a double-digit jump in profits in the fourth quarter.

Goldman Sachs’s net earnings rose 12% from a year earlier, posting a profit of $4.62 billion, or $14.01 a share. Meanwhile, Morgan Stanley said it earned $4.4 billion, or $2.68 per share, compared to a profit of $3.71 billion, or $2.22 per share, compared to a year earlier.

Wall Street has been bolstered by the Trump administration’s deregulatory policies, which have led corporations to seek out mergers and acquisitions, as well as the surge of investor interest in 

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