Wall Street Roundup: Disappointing domestic data, Lehman versus J.P. Morgan
Disappointing domestic data -- The U.S. economy grew less than expected in the first three months of the year (3%), while the number of first-time claims for unemployment benefits went down less than expected.
Good news from China -- China reassured investors that it would not stop supporting the European economy and stocks shot up in response.
Lehman versus J.P. Morgan -- The estate of Lehman Brothers filed suit against J.P. Morgan Chase & Co., saying that the rival bank unnecessarily hastened the demise of Lehman -- a bankruptcy that had global consequences.
U.S. and Europe at odds -- The United States and Europe have been pursuing different, sometimes conflicting approaches to financial reform after earlier promising to approach the problem together, the Washington Post reports.
AIG roadblock -- Soon after American International Group's chief executive said he was confident that the company would fully pay back the money it received from the government during the financial crisis, a key part of AIG's plan -- the sale of a big insurance unit -- hit a roadblock that could derail the sale and the delivery of money to the government.
-- Nathaniel Popper