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 <.DJI> was up 39.91 points, or 0.33 percent, at 12,305.04. The Standard & Poor's 500 Index <.SPX> was up 3.40 points, or 0.25 percent, at 1,340.04. The Nasdaq Composite Index <.IXIC> 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
