NEW YORK - Morgan Stanley Dean Witter & Co.'s fiscal fourth-quarter profit surged 86%, to a record, as a boom in mergers and stock offerings propelled investment banking and commissions at the second-biggest U.S. securities firm.

Net income for the three months that ended Nov. 30 rose to $1.63 billion, from $879 million a year earlier. Per-share earnings jumped 91%, to $2.84, from $1.49, trouncing Wall Street's average forecast of $1.95 per share. Morgan stock is up 85% this year.

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