Bull or Bear? Santoli breaks it down | Will reopen rally continue? | Hertz bankruptcy

A swift recovery has investors wondering whether it's still a bear market.

VIEW IN BROWSER | SUBSCRIBE SAT, MAY 23, 2020 WEEKEND BRIEF EDITOR'S NOTE The S&P 500 has recouped more than 60% of the losses it suffered in the coronavirus pandemic.   Some parts of the market are booming and some megacap technology stocks - Facebook and Amazon - have hit record highs. Does this look like a bear market to you?   "This all is largely a matter of semantics, a bar stool debate topic," writes CNBC's senior markets commentator Michael Santoli in this edition of Weekend Brief.  "But how an investor defines this episode probably dictates what he or she expects it do to from here."   The S&P is still down nearly 13% from its all time high, but its recovery could continue next week as states loosen stay-at-home orders and restless Americans run to parks, beaches, bars and restaurants, writes CNBC's Patti Domm.   The week ahead will bring plenty of gloomy economic news. But who cares? That's how it was in April and this is May.  "The backward looking data is not going to get any attention paid to it," said Ed Keon, chief investment strategist at QMA. "It's going to be terrible, and that's not going to be a surprise."   Call it a bull, call it a bear or call it a bear market rally. But hedge funds have been scoring big returns during it, writes CNBC's Yun Li. She reports on a Goldman Sachs list that tracks hedge funds' top positions.   The list "represents a tool for investors seeking to 'follow the smart money,'" Goldman says.   Thanks for reading Weekend Brief.  Email your thoughts to EveningBrief@nbcuni.com or follow me on Twitter @tellittoal.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal MICHAEL SANTOLI'S MARKET COLUMN Bear market rally or new bull? Breaking down the market after another winning week   THE WEEK AHEAD Market could get a boost as states reopen, but new economic data will show just how bad things got during shutdowns   ACTIVIST SPOTLIGHT Small hedge fund tries for change at a real estate trust, where activists often find a tough fight   YOUR WEEKEND BRIEFING  Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic Latest coronavirus news Work boots and scooters: Here are some under-the-radar stocks to play the economy reopening Doctor testing Moderna vaccine says it's 'simply mind-boggling' that injection may be ready in 2020 This is the average coronavirus stimulus payment in your state Goldman has a market-topping hedge fund basket for investors seeking to 'follow the smart money'     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS