Earnings, Economy Vie for Postwar Attention

This week marks the most frenetic period of first-quarter earnings season and comes amid lingering concerns about the health of the economy.

“The economy is going nowhere fast,” said Alan Ackerman, a market strategist at brokerage Fahnestock & Co. “We’re in a jobless economic recovery and continue to see companies limit their capital spending.”

Now that the war in Iraq has wound down, the spotlight is shifting. Investors are demanding clear evidence of solid growth after three years of brutal losses in the market.

One-third of the Standard & Poor’s 500 companies will post earnings this week, and assuming they follow the recent trend, they should top analysts’ expectations.

Among the big names reporting are industrial conglomerate 3M Co., drug maker Merck & Co. Inc., online auctioneer EBay Inc., American Airlines parent AMR Corp., media giant AOL Time Warner Inc., phone companies AT&T; Corp. and SBC Communications Inc. and jet maker Boeing Co.

In addition, investors will be keeping a close eye on several reports due this week. A rundown:

* Today: Conference Board reports index of leading economic indicators for March.

* Wednesday: Federal Reserve releases its “beige” book, its survey of regional economic conditions.

* Thursday: Commerce Department reports on March orders for durable goods; Labor Department reports on weekly jobless claims; Freddie Mac reports on mortgage rates.

* Friday: Commerce Department reports on first-quarter gross domestic product and March new-home sales; National Assn. of Realtors reports on March existing-home sales; University of Michigan’s final April consumer confidence reading.