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| EDITOR'S NOTE
The path to recovery is bound to be long, bumpy, and not so "V-shaped" after all.
It's a rude awakening for a market that soared from its March lows, betting that the worst of the pandemic blow had already been over. But as signs of a coronavirus resurgence mount and negative economic data hint at an uneasy rebound ahead, it's getting harder for the market to ignore bad news.
This week, California, Texas, Florida and Arizona have all reported an uptick in new virus cases amid the reopening. Apple said Friday that it's again closing some stores in several states due to the spikes in infections.
Meanwhile, data showed U.S. jobless claims last week fell less than expected, showing only a slight improvement even as parts of the economy reopened. The number also stayed above 1 million for the 13th consecutive week.
A Friday sell-off reduced the Dow's gain for the week to just 1%.
In our weekly look ahead, strategists said investors should expect the market to remain choppy for the foreseeable future as the "uneven" economic recovery unfolds.
Also this week, there were more warnings from billionaire investors pointing to an irrational exuberance in the market.
However, one can argue this fear is overblown because today's action is short of some key features from past bubbles, including pervasive optimism about future profits and heavy flows into stocks, CNBC's Michael Santoli writes.
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MICHAEL SANTOLI'S MARKET COLUMN
THE WEEK AHEAD
ACTIVIST SPOTLIGHT
YOUR WEEKEND BRIEFING
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