Earnings, Economic Data Anticipated

A key U.N. report on Iraq and President Bush’s State of the Union address are not the only major events to keep Wall Street on tenterhooks this week. A slew of economic reports and an earnings flood are coming as well.

Many blue-chip companies have already reported, but several majors are still among the hundreds handing in scorecards this week. The list includes American Express today; SBC Communications, Procter & Gamble and United Parcel Service on Tuesday; AOL Time Warner and Philip Morris on Wednesday; Boeing and Walt Disney on Thursday; and ChevronTexaco on Friday.

Also due are economic data reports, such as U.S. economic growth in the last three months of 2002.

And though no one expects the U.S. central bank, which meets Tuesday and Wednesday, to slash interest rates again, eyes will be on Federal Reserve Chairman Alan Greenspan for his insights on the world’s largest economy.

On the data front, before the market opens Thursday, Wall Street gets the advanced reading on fourth-quarter gross domestic product, with economists expecting anemic growth of 0.9% in the October-to-December period versus 4% for the July-to-September quarter.

Early Tuesday, investors get December durable goods orders. Consumer confidence data for January are due after the open. On Friday, the University of Michigan’s sentiment data for January will be released.

Other reports this week:

Today, the Commerce Department will report on new-home sales in December.

Thursday, the Labor Department will report the employment cost index for the fourth quarter.

Friday, the Commerce Department will report on personal spending and incomes in December.