I think the store is having issues. I have been having several "Cannot connect to iTunes store" errors when updating or installing apps. In my case, though, I can usually tap the button again to kick it along. I also often get a blank page when I try to look at purchases, or there is no button where there is normally an "UPDATE" or price or "INSTALL" button.
If the icons are stuck at the home screen "Waiting..." then double-tap one to see if it starts loading