Gorman: Stock Rally Still Has Legs

Individual investors left their money with Morgan Stanley, waiting for good ideas, Chairman and CEO James Gorman said "First on CNBC" Friday, adding the stock market could "still move higher" if the political uncertainty is resolved.

"We have $1.8 trillion of assets," Gorman said in a "Squawk Box" interview, right after Morgan reported better-than-expected earnings. "On any day, 5 percent of that is looking to go to work. Ninety billion dollars is sitting there waiting to get into the market. If we see some confidence coming through from the political sector ... this thing has legs."