Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. said fiscal third-quarter earnings rose more than expected, led by gains in bond and commodities trading and higher fees from mergers and acquisitions advice.

Net income at Goldman, the no. 3 securities firm by capital, rose 30% as revenue from fixed-income and commodity trades increased by almost $1 billion. Profit rose 5.2% at Lehman, the fifth-biggest firm. The results helped lift shares of both New York-based companies to their biggest one-day advance in seven months.

Goldman retained its ranking as the top takeover adviser, and benefited from price swings in commodities such as oil. Lehman reported higher revenue from trading bonds such as mortgage backed securities. Both firms weathered the slowest three months of stock trading in more than two years.

“These businesses are showing they are more resilient than many expected,” said James Ellman, president of Seacliff Capital LLC, which holds shares of Lehman, Merrill Lynch & Co., and Bear Stearns Cos. “The results bode well for Morgan Stanley and Bear Stearns.”

Morgan Stanley, the second-biggest securities firm, and Bear Stearns report earnings today. Both are expected to report profit declines.

Goldman and Lehman are the first two Wall Street firms to report quarterly earnings, and their results may spur analysts to revise their forecasts for the industry. The Securities Industry Association had predicted that Wall Street earnings would decline 22% this year to $18.9 billion.

Goldman shares climbed $3.22 to $94.90 on the New York Stock Exchange. The 3.5% rise was the shares’ biggest since February 11. Lehman also had its steepest advance since Febrary 11, adding $3.73, or 4.9%, to $79.75.

Goldman said net income for the quarter ended August 27 increased to $879 million, or $1.74 a share, from $677 million, or $1.32, a year earlier. The company had been expected to earn $737 million, or $1.43 a share, the average estimate of 15 analysts surveyed by Thomson Financial.

“We benefited once again from the breadth of our franchise,” Goldman’s chief executive officer, Henry Paulson, 58, said in a statement.

Oil prices soared to record highs, helping revenue at Goldman’s fixed-income and commodities unit more than double to $1.87 billion.

“The commodities business had a terrific quarter,” Goldman’s chief financial officer, David Viniar, said in a conference call with reporters. “It was a very good environment.”

Investment-banking revenue climbed 30% to $890 million from $687 million a year earlier, buoyed by a 48% gain in takeover fees.

Lehman’s earnings rose to $505 million, or $1.71 a share, from $480 million, or $1.81, a year earlier. Analysts had expected Lehman to earn $474 million, or $1.55 a share, according to Thomson.

Revenue increased 12% to $2.6 billion. Revenue from Lehman’s capital market business climbed 2% to $1.7 billion, led by a 16% gain in trading revenue from mortgage-backed bonds and other fixed-income securities.

“Our businesses performed well during the third quarter, despite the pressures of a more challenging market environment,” Richard Fuld, Lehman’s 58-year-old chief executive, said in the statement.

Revenue and net income at both companies was lower than in the prior two quarters, when profits swelled to a record amid the lowest lending rates in more than four decades and a stock market rally.

Analysts started scaling back their profit estimates after May and June, when trading on the NYSE slowed about 11% and the Federal Reserve raised its key interest rate by a quarter of a percentage point to 1.25%.

The revisions also followed reports showing that the American economy grew at an inflation-adjusted annual rate of 2.8% in the second quarter, the lowest in more than a year.