I would not classify Bernard Malamud with the first rank of American writers. With the exception of this story, I tend to classify his work as "good" rather than exceptional. However, I love teaching this story. It is an exceptional piece of writing, and it offers something few other 20th. Century pieces offer -- a happy ending.
This piece centers on the relationship of three people:
Leo Finkle: scholar, would-be rabbi, 2nd. or 3rd. generation American, ancestry Eastern European Jewish, thoroughly assimilated in manners, traditionally Jewish in his love for learning and the Torah (the Law).
Pinye Salzman: marriage broker, traditional Eastern European Jew; 1st. or 2nd. generation American and completely unassimilated, poor, unlearned with a particular and traditional respect for scholars.
Stella Salzman: Salzman's daughter, assimilated and secular American; exactly who and what she is serves as the story's key.
Questions to consider:
The Climax. We have several sets of images colliding in the final scene:
If you read this piece as I read this piece, you end up beside Salzman (and me), hidden around the corner and praying desperately that this unlikely match will work. You want Leo to find love; you want Stella's redemption; you want to believe in magic (such as Salzman's Magic Barrel). The ending is more hope than promise, but the hope seems enough.
I mention a symbolic reading in one of your other handouts. I think that reading works, but also note that a good story is more than a puzzle in which to seek out the "deeper meaning." A good story works on a number of levels -- and in my critical judgment it isn't a good story unless it works on the surface level. I think "The Magic Barrel" works because, at the end, I empathize with Leo, Stella, and Salzman. "The Magic Barrel" works because it leaves me caring about the characters.