Stocks try to stay afloat

NEW YORK (CNNMoney.com) -- Stocks struggle to stay higher following a mixed existing home sales reading Wednesday, despite upbeat earnings from Amazon.com and Boeing.

The Dow Jones industrial average (up 40.32 to 13,757.27, Charts) rose 0.2 percent more than an hour into the session.

The 30-stock index tumbled 226 points just a day earlier, posting its third biggest point loss so far this year, amid mixed earnings news and ongoing problems in the mortgage market.

The broader S&P 500 (up 2.78 to 1,513.82, Charts) and the tech-laden Nasdaq (up 3.66 to 2,643.52, Charts) both edged higher.

Upbeat results from Amazon.com helped send stocks higher at the open Wednesday, after the online retailer reported its quarterly profit more than tripled and raised its 2007 sales and operating earnings outlook. Amazon (up $16.99 to $86.24, Charts, Fortune 500) shares soared 26 percent in early trade on the Nasdaq.

Investors weighed the June existing home sales report, which revealed that the pace of sales fell more than expected by 3.8 percent to a 5.75 million annual rate. Economists surveyed by Briefing.com had forecast that sales would slow to a 5.9 million pace.

One bright spot in the report was an uptick in median home prices sold during that month on a year-over-year comparison, marking its first increase in nearly a year.

Investors will also be closely eyeing the Federal Reserve's so-called Beige Book, which gives a look at economic conditions around the country, due out at 2 p.m.

In other earnings news, Dow component Boeing (up $2.90 to $106.70, Charts, Fortune 500) posted much better-than-expected earnings, lifting its shares nearly 3 percent in morning trade on the New York Stock Exchange.

The third largest U.S. oil company ConocoPhillips (up $1.02 to $83.35, Charts, Fortune 500) reported lower results that were solidly better than expected when excluding charges related to its Venezuelan operations. Consumer products maker Colgate-Palmolive (up $0.56 to $68.81, Charts, Fortune 500) also posted earnings that topped estimates.

Treasury prices edged lower, taking the yield on the 10-year note to 4.92 percent from 4.91 percent late Tuesday. Bond prices and yields move in opposite directions.

The dollar gained against the euro and the yen. COMEX gold for August fell $9.10 to $675.70.

Oil prices retreated from session highs after the weekly U.S. fuel inventory report revealed a stronger-than-expected increase in inventories. U.S. light crude rose 33 cents to $73.89 a barrel on the New York Mercantile Exchange.

Overseas, major Asian stocks finished the session lower, and European markets were mixed.