Wall Street bounceback

NEW YORK (CNNMoney.com) -- Stocks rebounded Wednesday from sharp selloff just a day earlier as investors embraced strong earnings from Amazon.com and planemaker Boeing.

The Dow Jones industrial average (up 16.99 to 13,733.94, Charts) rose about 0.6 percent at the start of the session.

The broader S&P 500 (up 10.42 to 1,521.46, Charts) climbed nearly 0.9 percent, while the tech-laden Nasdaq (up 21.19 to 2,661.05, Charts) rose 0.8 percent.

Upbeat results from Amazon.com helped send stocks higher Wednesday, after the online retailer reported its quarterly profit more than tripled and raised its 2007 sales and operating earnings outlook. Amazon (up $15.34 to $84.59, Charts, Fortune 500) shares soared nearly 24 percent in early trade on the Nasdaq.

Stocks sank Tuesday amid mixed earnings news and ongoing problems in the mortgage market. The Dow Jones industrial average, which tracks 30 large companies, fell 226 points - its third biggest point loss this year. The broader S&P 500 index shed nearly 2 percent.

In other earnings news, Dow component Boeing (up $3.14 to $106.94, Charts, Fortune 500) posted much better-than-expected earnings, lifting its shares more than 3 percent in morning trade on the New York Stock Exchange.

The third largest U.S. oil company ConocoPhillips (up $0.00 to $82.33, Charts, Fortune 500) reported lower results that were solidly better than expected when excluding charges related to it Venezuelan operations. Consumer products maker Colgate-Palmolive (up $0.00 to $68.25, Charts, Fortune 500) also posted earnings that topped estimates.

Investors will get another look at the battered real estate market Wednesday when the National Association of Realtors reports on existing home sales at 10 a.m. ET. Economists surveyed by Briefing.com forecast that the annual sales rate will continue to slide, falling to a 5.9 million pace in June from just under 6 million in May.

In addition to the housing report, the Federal Reserve releases its so-called Beige Book at 2 p.m., which gives a look at economic conditions around the country.

Treasury prices slipped in early trading, 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.

Oil prices climbed ahead of the weekly U.S. fuel inventory report, due at 10:30 a.m. ET. U.S. light crude rose 51 cents to $74.07 a barrel in electronic trading.

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