Pentecostals don’t reject the Eucharist.
This is true, but it is sort of half the story. From an authentic Pentecostal perspective (as opposed to the quasi-Baptist dumbed down explanation you usually get), yes the elements are symbolic, but the presence of Christ is not. Yes, there is remembrance and there is also prophecy. It is both backward and forward looking. And finally, the Lord’s Supper is nourishment for our bodies and our souls. It is the Lord’s Supper that we can find healing for our diseases and infirmities.
Yes, he does tell us to discern the body of Christ in the Lord’s Supper. This is because, “anyone who eats and drinks without discerning the body eats and drinks judgment on himself. That is why many of you are weak and ill, and some have died.” It is a Pentecostal belief that those who partake without examining themselves and without understanding the spiritual realities they are encountering are placing themselves in physical harm.
“Symbolic” is not really a useful word when we talk about the Lord’s Supper, except for in reference to the actualy elements.
On another thread, I’ve quoted actual Pentecostal ministers on the Lord’s Supper. I’ll reproduce it here:
D.W. Kerr, “The Message of the Sacrament.” The Weekly Evangel (28 October 1916), p. 4:
Faith can grasp mysteries that are unexplainable. Faith enters into a realm far beyond the sphere of understanding, and can extract the good and joy out of what soars high above our reasonings. We have no need to preach a doctrine of consubstantiation nor of transubstantiation; we just receive Jesus ’words and act on them. "Whoso eateth my flesh and drinketh my blood, hath everlasting life."
William A. Cox, “The Spiritual Import of the Lord’s Supper.” The Weekly Evangel (May 4, 1918), p. 8:
It (the Lord’s Supper) is not an empty service, it does not mean simply being served with a little bread and wine on the first Sunday of the month— it is a means of fellowship with God, through Jesus, by the Spirit, and we have a right to come to it expecting God to meet us. Indeed we have a right to expect to draw so near to God that whatever our need may be at that moment, whether spiritual or physical, He will supply it. . . . when we eat of the divine body of the Lord Jesus, the living Bread which came down from heaven. . . He quickens the spiritual man; He revives the physical; He heals our diseases, and gives us strength to live by. By eating Jesus, the Bread of life, we have life in our physical bodies. . . . if we eat the flesh of Jesus, and drink His blood, we shall live by Him. So when you want to be healed, just take a great big meal of Jesus.
Cecil B. Knight, “Communion: A Sign and a Seal.” Church of God Evangel (22 March 1971), p. 16-17:
There is deep spiritual meaning in the Lord’s Supper. The participant does not merely look at the symbols; he receives spiritual food. Just as the bread and the fruit of the vine will nourish and invigorate the body of man, so Christ, through Communion, sustains and quickens the soul. When a Christian truly worships Christ in the Lord’s Supper, he is ministered to by the Holy Spirit, thereby receiving strength and a deep abiding peace.
J. Roswell Flower, “The Lord’s Supper.” Word and Witness (August 1915), p. 5:
The Lord Jesus is brought very near in the observance of the Lord’s Supper. The redemptive work for the body is often attested to, as the communicants partake in faith, drinking His blood, and eating His flesh, the Lord healing them of sicknesses and delivering them of infirmities. Praise His precious name forever.