The financial markets will spend the week yawing and pitching with the pace of war. The early flush of military success that sent the Dow Jones industrial average up 140 points by the end of the week is unlikely to repeat itself until the war reaches some definitive conclusion, but setbacks -- such as the bombing of Saudi oilfields -- could well send stock prices reeling. The first coherent attempt to look at the war's long-term impact gets underway today as leading economic officials of major industrial countries meet in New York. Also on the agenda: changed economic relations with the Soviet Union as glasnost is replaced by more government restrictions. MONDAY: Although government offices are closed for Martin Luther King Jr. Day, a few banks, many stores and businesses, and the stock, bond and commodity markets are open as usual. In Atlanta, the National Association of Home Builders wraps up its annual meeting, in which 60,000 members are commiserating about the worst housing downturn since the 1981-82 recession. TUESDAY: Creditors for Pan Am Corp. meet in Manhattan to form a committee to pursue their interests in the air carrier's bankruptcy. The company, plagued by competition and escalating fuel costs, filed for protection Jan. 8. Also today, Federal Reserve Board Chairman Alan Greenspan is scheduled to appear before the House Budget Committee on the outlook for the economy. WEDNESDAY: The International Newspaper Advertising and Marketing Executives Association holds its semiannual international convention here at a time of falling ad revenue. FRIDAY: The big question -- how fast is the economy falling? -- is finally answered as the Commerce Department releases figures for the gross national product for the fourth quarter of 1990.
TOMORROW in Washington Business: Many banks will finish tallying fourth-quarter and 1990 figures this week, but there is little evidence a turnaround is in sight.