Market advances on Disney, productivity data

By Ellis Mnyandu

A Labor Department report showing a rise in worker productivity and a less-than-expected increase in an inflation measure during last year's fourth quarter also lifted sentiment.

Other advancing shares included manufacturers, such as Caterpillar Inc , which had been among Tuesday's biggest decliners as recession worries mounted.

"Disney earnings obviously helped too. But I think the stagflation concern is taken off the table to a certain degree if you continue to have better than expected productivity."

Disney shares rose to $32.13 on the New York Stock Exchange, while Caterpillar shares climbed 2.2 percent to $69.

Shares of networking equipment maker Cisco Systems Inc , which is scheduled to post quarterly results after the close, was up 2.2 percent to $23.77. Bank of America Corp shares rose 2 percent at $42.21 on the New York Stock Exchange.

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