EDITOR'S NOTE

 The Dow Jones Industrial Average and the S&P 500 finished the week with double-digit gains, but that's of little comfort because these indexes are still well into bear market territory.

Investors who played it safe with the traditional portfolio of 60% stocks and 40% bonds got bit by the bear, too, writes Michael Santoli, CNBC's senior markets commentator. It's only the fourth time that this allocation has suffered a decline of more than 20% since World War II.

Today, in a global war against the COVID-19 virus, we all know the economic news is going to be bad. In the week ahead, we'll get another look at just how bad.

CNBC's Patti Domm writes that we may see "shocker" economic reports that further test the market. The latest data on car sales, manufacturing, services and employment will likely paint a bleak picture of  how much the shutdown has already hit the economy, Domm writes.

Stocks are well off their lows with last week's rally, but as the coronavirus pandemic rages, another pullback is likely.

Investors now know the scale of the monetary response from the Federal Reserve and the $2 trillion fiscal response that President Donald Trump signed on Friday. But the final outcome of the pandemic and the economic damage it will ultimately cause remains unknowable.

Sam Stovall, chief investment strategist at CFRA, expects markets to retest their lows, despite whatever hope this week's rally may have offered.

"There have been multiple times in history … that we saw 20 plus percent rallies before ultimately setting an even lower low," he said.

Thanks for reading Weekend Brief.  Email your thoughts to EveningBrief@nbcuni.com or follow me on Twitter @tellittoal.

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MICHAEL SANTOLI'S MARKET COLUMN

THE WEEK AHEAD

YOUR WEEKEND BRIEFING