Market rises as Disney profit fuels rebound

By Ellis Mnyandu

Disney shares jumped more than 5 percent, making it the Dow's biggest gainer. Time Warner shares rose almost 4 percent.

"Disney reported good earnings last night and that's helping the market out," said Giri Cherukuri, head trader at OakBrook Investments LLC, which oversees $1.3 billion, in Lisle, Illinois.

The Dow Jones industrial average was up 39.91 points, or 0.33 percent, at 12,305.04. The Standard & Poor's 500 Index was up 3.40 points, or 0.25 percent, at 1,340.04. The Nasdaq Composite Index was up 7.87 points, or 0.34 percent, at 2,317.44.

Trading was volatile, which caused indexes to briefly turn negative within the first hour trade as financial shares slipped.

$23.68.

Time Warner rose 1.2 percent to $15.60 after the media conglomerate said it expects profit growth in 2008 possibly to exceed Wall Street's estimates.

Miner BHP Billiton Ltd/Plc launched a hostile $147.4 billion bid for rival Rio Tinto Ltd/Plc on Wednesday, ending months of speculation and setting the stage for the world's second-largest takeover.