LONDON (ShareCast) - As expected Wall Street traders put their buying boots on in opening deals today as investors waded in on the first of day of trading.

The market reacted to the strong gains achieved in global markets yesterday with European bourses hitting six year highs. The US market was shut Tuesday to mark the death of former president Gerald Ford.

Wal-Mart headed sharply higher after the retail giant said like for like sales over the lucrative holiday period rose about 1.6%, better than expected. Final figures are expected Thursday.

DIY giant Home Depot gave investors reason to smile after it confirmed the resignation of chairman and chief executive Robert Nardelli. The shares have underperformed for years and the news raised hopes that fresh blood could reinvigorate the brand.

US homebuilder Lennar slipped back after it warned for a second time that fourth quarter earnings would fall short of expectations and write-downs will see it post a loss for the period.

Dow Jones leapt 69 points to 12,532 in opening deals, while the Nasdaq 100 is trading 19 points higher at 1,776 and the S&P 500 is up 6 to 1,424.

The Mortgage Bankers Association said US mortgage applications rose 3.6% last week to 575.6, following increased demand for home loans. The four week moving average remains down 2.8%.

There was also further weakness in the construction sector after the Commerce Department said building activity slipped 0.2% in November to an annual rate of $1.18 trillion following falls of 0.3% and 0.8% in the previous two months.

Citigroup dragged on online bookseller Amazon after rating the shares a “sell” from a previous “hold” stance while coffee shop chain Starbucks announced plans to remove trans fats from half of its stores starting today with the other half to stop using the fats later this year.

Oil and gas driller Nabors Industries also fell after warning fourth-quarter earnings would fall short of expectations, with 2006 EPS between $3.53 and $3.58. Blame is centred on lower demand in its North American gas markets.

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