Stocks rebounded on Friday from Thursday's lows, leading all three major benchmarks to weekly gains. However, there is still an undercurrent of uncertainty flowing through sentiment as coronavirus cases in the United States and Europe continued to surge to unseen levels, forecasting a grim winter. For the week, Dow Jones rose over 4%, the S&P 500 increased 2.2% and the Nasdaq gained just under 1%.

The University of Michigan's Surveys of Consumers consumer sentiment index unexpectedly dropped to its lowest level since August at 77.0 in November from 81.8 in October, according to the preliminary monthly survey. Consensus economist had expected the index to rise to 82.0.

"The outcome of the presidential election as well as the resurgence in covid infections and deaths were responsible for the early November decline," Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers, said in a statement. "Interviews conducted following the election recorded a substantial negative shift in the Expectations Index among Republicans, but recoded no gain among Democrats...Note that Republicans now voice the least favorable economic expectations since Trump took office, and Democrats have voices more positive expectations."

Here's how the market closed out the week:

S&P 500 Index (SPY  ): +1.36% or +48.14 points to 3,585.15

Dow Jones Industrial Average (DIA  ): +1.37% or +339.64 points to 29,470.81

Nasdaq Composite Index (QQQ  ): +1.02% or +119.7 points to 11,829.29

For Stock News, travel and reopening names rose on Friday as the market cycled back into cyclicals: American Airlines (AAL  ), Boeing (BA  ), Carnival (CCL  ), Delta (DAL  ), Disney (DIS  ), Norwegian (NCLH  ), Royal Caribbean (RCL  ) and United Airlines (UAL  ). Major stay-at-home names were pressured on Friday, with Peloton (PTON  ) and Zoom Video (ZM  ) slumping lower. Palantir Technologies (PLTR  ) and Unity Software (U  ) rose higher after both companies reported respective quarterly earnings beat, their first since going public.

For Sector Performance, all sectors on the S&P rose on Friday. Energy (XLE  ) was the biggest gainer, rising over 3% on Friday and skyrocketing over 17% for the week. Real Estate (XLRE  ) and Industrials (XLI  ) rose over 2%, while Materials (XLB  ), Financials (XLF  ), Consumer Staples (XLP  ), Consumer Discretionary (XLY  ), Health Care (XLV  ) and Communication Services (XLC  ) gained over 1%. Information Technology (XLK  ) gained the least, as Advanced Micro Devices (AMD  ) and Nvidia (NVDA  ) were pressured by gains from Cisco Systems (CSCO  ).

For Commodities and Currency, the U.S. Dollar (UUP  ) fell on Friday as a wave of new coronavirus cases in the United States and Europe subdued risk appetites that were ignited earlier this week following promising vaccine news from Pfizer (PFE  ) and BioNTech (BTNX  ). The dollar index slipped 0.18% against a basket of global currencies, but rose over 0.5% for the week. Gold (GLD  ) prices rose on Friday as global coronavirus cases continued to rise, threatening economic growth heading into 2021. Spot gold rose 0.5% to $1,884.76 per ounce, yet fell over 3% for the week. Gold futures settled 0.7% higher at $1,886.20 per ounce. Crude oil futures dropped more than 2% on Friday, impacted by increased output from Libya and increased coronavirus fears surrounding economic growth and fuel demand. International benchmark Brent Crude (BNO  ) was down 1.7% at $42.78 per barrel, while West Texas Intermediate (USO  ) fell 2.4% lower to $40.13 each. However, vaccine hopes kept crude futures higher for the week, with both benchmarks gaining over 8%.

For the week ahead, expect the market to continue to swing back and forth following coronavirus headlines.