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Is the worst finally over or, as Larry David might say, should investors curb their enthusiasm?

U.S. stocks closed sharply higher on Friday, ending a five-day losing streak. Leading the charge were energy stocks, as oil prices surged on rumors that squabbling OPEC members might finally agree to tighten the spigots.

Both the Dow Jones Industrial Average and the S&P 500 rose 2% on Friday, ending a brutal week. However, despite last week's upbeat denouement, the major U.S. indexes remain down more than 8% for the year, declining 1% last week alone.

The big question in the week ahead: have oil prices and stocks bottomed, or was Friday's upturn a dead cat bounce? We'll get important clues in coming days.

Several major energy companies report earnings this week, including Cheniere Energy (LNG) - Get Cheniere Energy, Inc. Report , Devon Energy (DVN) - Get Devon Energy Corporation Report , Enbridge (ENB) - Get Enbridge Inc. Report , Linn Energy (LINE) , and Cabot Oil & Gas (COG) - Get Cabot Oil & Gas Corporation Report . On Friday, indications that Saudi Arabia might be successful in walking back its disastrous price war sent benchmark U.S. crude to $29.44 a barrel, a rise of 12.3%.

That said, the oil and gas sector remains troubled and several energy stocks are among the most dangerous investments today. Case in point: Deeply indebted Chesapeake Energy (CHK) - Get Chesapeake Energy Corporation Reportlast week had to deny rumors that it faced a "Lehman moment" and was about to file for bankruptcy.

In the holiday-shortened week ahead, we'll see whether the economy can provide sufficient fuel for a lasting market rebound. Notably, statistics are due on housing starts, industrial production, and jobless claims.

Also cheering investors on Friday was a report from the U.S. Commerce Department that consumer spending resumed its upward trajectory and increased 0.6% in January. The positive sales report exceeded expectations and suggested that consumers are shrugging off any anxieties about wildly gyrating financial markets. Can the spending mood of American shoppers last? We'll get insights this week, when consumer spending bellwethers Nordstom (JWN) - Get Nordstrom, Inc. Report and Wal-Mart (WMT) - Get Walmart Inc. Report report earnings and Bloomberg releases its latest consumer comfort index.

Earnings Reports:

TheStreet Recommends

Monday, February 15, President's Day: Markets Closed. Tuesday: Acadia Healthcare (ACHC) - Get Acadia Healthcare Company, Inc. Report , Devon Energy, Express Scripts (ESRX) , Liberty Global (LBTYA) - Get Liberty Global Plc Class A Report , TransUnion (TRU) - Get TransUnion Report . Wednesday: Analog Devices (ADI) - Get Analog Devices, Inc. Report , Barrick Gold (ABX) , EZChip (EZCH) , T-Mobile US (TMUS) - Get T-Mobile US, Inc. Report , Vermillion Energy (VET) - Get Vermilion Energy Inc. Report . Thursday: Cheniere Energy, Duke Energy (DUK) - Get Duke Energy Corporation Report , Enbridge , Linn Energy, Melco Crown Entertainment (MPEL) , Nordstrom, Wal-Mart, WashingtonREIT (WRIT) . Friday: Cabot Oil & Gas, Deere (DE) - Get Deere & Company Report , Pinnacle West (PNW) - Get Pinnacle West Capital Corporation Report , and US Cellular (USM) - Get United States Cellular Corp Report .

Economic Data:

Wednesday

MBA Mortgage Applications
Housing Starts
Industrial Production

Thursday

Jobless Claims
Bloomberg Consumer Comfort Index
Leading Indicators
EIA Natural Gas Report
EIA Petroleum Status Report

Friday

Consumer Price Index
Baker-Hughes Rig Count

What a terrible year so far for investors! Stocks have been in a severe slump all year, as a sputtering China and plunging oil prices batter the weakest equities. Do we face a repeat of a 2008-style debacle? You need to prepare now, by weeding out the fundamentally flawed stocks that could ruin your portfolio. We've done the homework for you, by putting together a report on the world's most dangerous stocks. These equities are poised to collapse; don't get left holding the bag. To download your free copy of our eye-opening report, click here.

John Persinos is editorial manager and investment analyst at Investing Daily. At the time of publication, the author held no positions in the stocks mentioned.