Goldman and Lehman results buoy market

Goldman Sachs and Lehman Brothers published better than expected first-quarter results yesterday, sparking a recovery in both banks’ share prices. Lehman in particular had taken a battering in Monday’s trading, 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

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