Goldman and Lehman results encourage markets

Lehman Brothers and Goldman Sachs published better than expected first-quarter results in March, sparking a recovery in both banks' share prices. Lehman stock had previously taken a battering, dropping 20% on the back of fears it could face similar liquidity problems to Bear Stearns.

Despite recording writedowns - Goldman Sachs lost about $1 billion on residential mortgages and another $1 billion on leveraged loans; Lehman lost $1.8 billion, mostly in residential and commercial mortgages - both

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