Stocks rebound with a little help from the FedDow +157.62 at 25763.18, Nasdaq +137.21 at 9726.04, S&P +25.28 at 3066.46 [BRIEFING.COM] The S&P 500 gained 0.8% on Monday to overcome an early 2.5% decline, as the market brushed aside coronavirus concerns and welcomed another aggressive policy update from the Fed. The Dow Jones Industrial Average swung nearly 1000 points from its bottom to close 0.6% higher. The Nasdaq Composite (+1.4%) and Russell 2000 (+2.3%) outperformed. The early weakness was attributed to reports about increasing rates of coronavirus cases and hospitalizations in several U.S. states and even an outbreak at a food market in Beijing. Underwhelming industrial production and retail sales data for May out of China also weighed on recovery sentiment. All 11 S&P 500 sectors traded sharply lower, but buyers gradually returned to buy the dip, which contributed to a steady rebound off early lows. Then, at 2:00 p.m. ET, the rebounding market received a noticeable pop into positive territory after the Fed announced it will start buying individual corporate bonds through its Secondary Market Corporate Credit Facility. The move was unexpected, but it reminded the market that the Fed can, and will, expand its policy tools to support the market at any time during this recovery. All 11 S&P 500 sectors ended the session in positive territory. The financials sector (+1.4%) outperformed, even as banks noted a steady pace of net credit losses in May, followed by the consumer staples sector (+1.1%). The health care (+0.2%) and energy (+0.1%) sectors eked out small gains. Stay-at-home stocks continued to outperform the broader market amid the threat of a second wave of coronavirus infections. Shopify ($SHOP 805.47, +62.89, +8.5%) was a notable standout after announcing a new partnership with Walmart ($WMT 118.08, +0.34, +0.3%). U.S. Treasuries exhibited an early flight-to-safety trade, which then unraveled with the rebound in equities. The 2-yr yield and the 10-yr yield ended the session unchanged at 0.18% and 0.70%, respectively. The U.S. Dollar Index declined 0.6% to 96.71. WTI crude futures rose 1.9%, or $0.68, to $36.94/BBL. Monday's economic data was limited to the Empire State Manufacturing Survey for June, which improved to -0.2 (Briefing.com consensus -25.0) from -48.5 in May. Looking ahead to Tuesday, investors will receive Retail Sales for May, Capacity Utilization and Industrial Production for May, Business Inventories for May, and the NAHB Housing Market Index for June. In addition, Fed Chair Powell will provide his semiannual monetary policy testimony. Nasdaq Composite +8.4% YTDS&P 500 -5.1% YTDDow Jones Industrial Average -9.7% YTDRussell 2000 -14.9% YTD Market Snapshot Dow25763.18+157.62(0.62%)Nasdaq9726.04+137.21(1.43%)SP 5003066.46+25.28(0.83%)10-yr Note -1/320.711NYSEAdv 1925 Dec 943 Vol 1.2 blnNasdaqAdv 2380 Dec 934 Vol 4.4 bln Industry Watch Strong: Financials, Consumer Staples, Communication Services, Real EstateWeak: Health Care, Energy Moving the Market -- Market closes higher in buy-the-dip trade-- Fed said it will start buying individual corporate bonds-- Early weakness attributed to reports of increasing rates of coronavirus cases and hospitalizations in several statesStocks end higher after Fed announces plans to start buying individual corporate bonds Stocks were pointing lower in pre-market trading as fresh outbreaks of coronavirus infections across the globe - including Beijing, parts of Europe, and in a number of states in the U.S. - put investors on edge and Chinese data suggested a more tepid bounce back than hoped. However, by midday the averages had mostly recovered their early losses and they gained upside momentum during the afternoon as the Federal Reserve announced plans to start buying individual corporate bonds. ECONOMIC EVENTS: In U.S. data, the Empire State manufacturing index jumped 48.3 points to -0.2 in June, which was much better than expected. In Federal Reserve news, the Fed announced updates to the Secondary Market Corporate Credit Facility, or SMCCF, which will begin buying "a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers." The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 7.95M confirmed cases of COVID-19 worldwide, including about 2.1M in the U.S., and 434,388 deaths due to the disease. TOP NEWS: After CNBC reported that AT&T ($T) is considering selling Warner Brothers Interactive for about $4B and that Activision ($ATVI), Electronic Arts ($EA) and Take-Two ($TTWO) have all expressed interest, Dean Takahashi of VentureBeat reported that two sources confirmed to him that CNBC's report is correct in terms of the division being up for sale. However, while CNBC said the price could be about $4B, one of the sources said the price offered was $2B, according to Takahashi. Over the weekend, AstraZeneca ($AZN) announced an agreement with Europe's Inclusive Vaccines Alliance, or IVA, spearheaded by Germany, France, Italy and the Netherlands, to supply up to 400M doses of the University of Oxford's COVID-19 vaccine, with deliveries starting by the end of 2020. On Monday morning, Catalent ($CTLT) announced that Catalent Biologics will provide vial filling and packaging capacity to AstraZeneca at Catalent's manufacturing facility in Anagni, Italy, and prepare for large-scale commercial supply of the University of Oxford's adenovirus vector based COVID-19 vaccine candidate. Shares of Shopify (SHOP) rose 8.5% after Walmart (WMT) announced a partnership with the company and said it was opening Walmart Marketplace to Shopify sellers. Meanwhile, CNBC reported that House Democrats led by House Majority Whip James Clyburn wrote to the bosses of some of the nation's biggest banks demanding they disclose documents pertaining to their handling of the federal government's small business bailout loan program. In a letter to the CEOs of JPMorgan ($JPM), Bank of America ($BAC), Santander ($SAN), Wells Fargo ($WFC), U.S. Bancorp ($USB), Truist ($TFC), Citibank ($C), and PNC ($PNC), Clyburn said that the subcommittee on the COVID-19 crisis is looking into whether the PPP "has favored large, well-funded companies over struggling small businesses in underserved communities - contrary to Congress' clear intent," according to CNBC. Additionally, United Airlines ($UAL) shares were 1.7% lower after the company said it expects to have about $17B in available liquidity in September. This dollar amount reflects committed financing of $5B to be secured by the airline's loyalty program, MileagePlus, as well as $4.5B expected to be available to United through the Coronavirus Aid, Relief, and Economic Security Act Loan Program. MAJOR MOVERS: Among the noteworthy gainers was Momenta ($MNTA), which rose 14.8% after its Phase 2 Vivacity-MG study of nipocalimab met its primary endpoint. Also higher was Genius Brands ($GNUS), which gained 8.7% after announcing an investment from Arnold Schwartzenegger. Among the notable losers was FuelCell ($FCEL), which slid 7% after Craig-Hallum analyst Eric Stine downgraded the stock to Sell from Hold. Also lower was JinkoSolar ($JKS), which fell 8.9% after reporting quarterly results.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... 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