All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Gross domestic product data for the fourth quarter came in hotter than expected on Thursday at the headline level, but didn’t little to pull down stocks thanks to softer price data. One day later, December’s core personal consumption expenditures price (core PCE) index landed in line with Wall Street’s expectations. In other words, the economy is growing faster than expected even as the rate of inflation continues to come down. In addition, December new home sales came in better than expected, as did December pending home sales . Within the portfolio, Procter & Gamble shares popped more than 4% on Tuesday after reporting strong quarterly results . Sales just missed estimates but profitability was solid, excluding charges related to writing down the value of Gillette and non-core restructuring measures. As a result, management was able to raise the low end of its full-year earnings forecast. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Given their weightings in the market, these releases will drive the market, for better or worse. Here’s what we’re keeping an eye on: 1. Jobs, jobs, jobs. Employment numbers are the most important economic data, with Friday’s January nonfarm payrolls report carrying the most weight. Wall Street expects a headline reading of 178,000 jobs added. Arguably more important, however, is wage inflation data that’s tucked into the report. Consumer buying power allows companies to raise prices while protecting volumes. To that end, higher wage growth equals more buying power — supports prolonged inflation. Therefore, a hot wage number hear could spook the market. As of Friday, economists expect 4.1%, which is in line with December’s rate. That would still outpaces recent inflation data — core PCE price index, the Fed’s preferred measure came in at 2.9%…
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