A much-awaited reversal took the major averages sharply higher Wednesday afternoon, as the market rebounded from morning weakness brought on by disappointing guidance from tech bellwether Intel ( INTC). The upbeat mood may carry over Thursday morning as eBay ( EBAY) lifted its earnings guidance after posting in-line results after the close. However, shares of the online-auction outfit were recently down 5.4% in after-hours trading, perhaps a victim of their 3.9% pre-earnings run-up. In addition, biotech bellwether Amgen ( AMGN) was down 6% in after-hours trading, after its revenue fell short of expectations. The after-hours action aside, gains were indeed substantial for most tech shares Wednesday. The Nasdaq Composite soared 35.24 points, or 1.71%, to 2091.24 vs. its intraday low of 2,042.03. And after trading as low as 10,232.98 early in the day, the Dow Jones Industrial Average rebounded to gain 128.87 points, or 1.25%, by the close, to finish at 10,414.13. The blue-chip average was lifted by strength in the likes of United Tech ( UTX), McDonald's ( MCD), Home Depot ( HD), and J.P. Morgan ( JPM), which posted strong earnings. This helped offset a 5% drop in Honeywell ( HON), whose earnings guidance disappointed. The S&P 500 finished up 17.61 points, or 1.49%, at 1195.75 vs. its morning low of 1170.85. Market internals also showed the forceful return of buyers, with advancing issues beating decliners 2 to 1 on both the NYSE and the Nasdaq, on strong volume of 2 billion and 1.9 billion shares, respectively. Wednesday's action all went down as Marc Pado, market strategist at Cantor Fitzgerald, had hoped, and as outlined here on Friday. Mostly, he liked that Intel, which fell near 4% in morning trade, finished with a modest loss of 0.03 cents, or 0.13% at $23.69. During the severe market downturn in early October, the market was discounting inflation fears and higher rates, and some expectations that fourth-quarter earnings may not be as strong as expected. And even as the market bounced back on Friday and Monday, there still was some need to discount more earnings disappointment, Pado says.