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M. Stanley Hikes 4th Quarter Growth Forecast: Report

Morgan Stanley raised its forecast for fourth-quarter U.S. economic growth Tuesday following a string of better-than-expected readings on the U.S. economy, according to a report from the Wall Street Journal.

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The firm raised its expectations for economic growth in the fourth quarter to 3.5 percent from 3 percent, the report said. The firm's revision follows reports of strong retail sales in November and a multi-year high in small business confidence.

The move from Morgan Stanley comes on the back of a slew of brighter economic forecasts for 2011, as economists at Goldman Sachs, JPMorgan and others have indicated expectations for a strengthening economy next year.