[R]11:30AM Market averages turned lackluster amid cautiousness about bond yields.[/R]

U.S. stock averages turned in a lackluster performance for the third straight session, due to a lack of significant economic data. Investors were also cautious about Treasury bond yields. The 10-year note's yield was at 5.11%, up from 5.09% late Tuesday. Some positive sentiment was generated by falling oil prices and Home Depot's $22.5 billion stock-repurchase program. Crude oil prices retreated after the Energy Department reported U.S. crude and gasoline inventories rose last week.

Home Depot (HD: chart) led blue chips higher with an advance of nearly 7%. Among earnings-related movers, FedEx (FDX: chart) said its Q4 profit rose 7%, helped by an 8% increase in revenue and higher package volumes. Company's stock rose 3.1%. Shares of CarMax (KMX: chart) surged 11% after the used car retailer reported Q1 earnings that came in line with analyst estimates and confirmed its full year guidance. Circuit City (CC: chart) traded up 0.6%, although the retailer reported quarterly loss.

By sector, airlines, telecoms and broker/dealers stocks posted strength. Brokers were supported by 2% in the shares of investment bank Morgan Stanley (MS: chart) on the back of 40% earnings rise. Among airline stocks, Continental (CAL: chart) rose 3.3%, AMR (AMR: chart) advanced 3.2%, and US Airways (LCC: chart) gained 2.8%. At the same time, oil, real estate investment trusts and utilities declined.

In late morning trading, the Dow Jones industrial average rose 24.87, or 0.18%, to 13,660.29. The Standard & Poor's 500 index gained 1.20, or 0.08%, at 1,534.90. The Nasdaq composite index advanced 4.20, or 0.16%, to 2,630.96.


[R]9:45AM Wall Street opened higher, lifted by Morgan Stanley and Home Depot.[/R]

Wall Street opened higher, lifted by falling bond yields, better-than-forecast profit at Morgan Stanley and a $22.5 billion buyback at Home Depot. Shares of Morgan Stanley (MS: chart), No. 2 U.S. investment bank, rose 2% on 40% profit rise. Blue-chip stocks were led higher by Home Depot (HD: chart) whose shares surged nearly 7%.

Among other earnings-related movers, Circuit City (CC: chart) shares declined after the electronics retailer posted Q1 loss of 33 cents per share, compared with a profit of 4 cents a share last year, missing estimates of a loss of 32 cents per share. Revenue fell 4% to $2.49 billion, as more customers purchased low-margin products.

Further in earnings news, CarMax (KMX: chart) surged 9.4% after the retailer said its Q1net income rose 15% to $65.4 million, or 30 cents a share, from $56.8 million, or 27 cents a share a year ago, meeting analyst estimates. CarMax reaffirmed 2008 earnings forecast of $1.03-$1.14 a share.

FedEx (FDX: chart) rose 2% after the company reported a 7% quarterly profit rise. The company also settled an issue with Airbus over a cancelled order for the A380 superjumbo. In corporate news, MGM Mirage (MGM: chart) dropped 10% after Kirk Kerkorian''s Tracinda said it is ending negotiations on the potential purchase of MGM Mirage''s properties. The Dow Jones Industrial Average was down 14 points at 13,619The S&P 500 index fell 2.98 points to 1,530, while the Nasdaq Composite fell 4.9 points to 2,621.


[R]9:30AM The FTSE 100 advances in mid-day trading on strong mining stocks.[/R]

By mid-day, the FTSE 100 rose 0.6% to 6,689, a gain of 38.8 points.

Advancers

Goldman Sachs upped their share price targets on the six biggest miners, citing metals prices would continue to increase through 2008. The brokerage thinks platinum prices will strike top levels through 2009. South Africa-focused platinum miner Lonmin rose 2.9% and Vedanta Resources gained 3.8%. Anglo American rose 1.9%, while Xstrata, whose stock Goldman also upgraded to buy from hold, added 1.5%.

J Sainsbury advanced 0.9% after the supermarket group came out with results that showed lower-than-expected sales growth of 5.1% for its first quarter. Also, talk that French bank Société Générale was mulling a bid for Lloyds TSB saw shares in the British bank rise 1.6%.

Decliners

Cadbury Schweppes led decliners, losing 2.6% a day after the confectionary group intends to implement a drastic reorganisation plan involving 7,500 job cuts, factory closures, and the sale of its beverage businesses.

Electronics retailer DSG International declined 1.1% after it reported a 5% decline in full-year profits to 295.1 million pounds. The stock also dropped on DSG decision not to enter the Russian market after a review of how other retailers had performed there.