Traders

Stocks reversed course midday and turned the selling into buying as investors are looking at the U.S. market as a safe haven.

U.S. stocks opened lower following a down day in Asian stocks and more Brexit fallout in Europe. The Europe Stoxx 600 Bank Index is back to the European Union 2012 crisis lows as Italy bans short selling in its largest bank Monte Paschi. The credit default swaps were not banned and are implying a 66 percent chance of failure for the bank.

The Dow Jones Industrial average is up by 55 points to 17,895, the S&P 500 is adding 5 points to trade at 2,093 and the Nasdaq is rising by 31 points to 4,854. Silver is at a two-year high reaching $20.15 an ounce, while gold rose to $1,365 an ounce. The S&P Retail ETF is higher by 46 cents to $42.12.

Walgreens Boots Alliance delivered a third-quarter earnings beat but missed on revenue expectations. The stock is higher by 1 percent to $32.81. Walgreens said in its third-quarter earnings conference call that it is expanding its differentiated beauty offering across 1,800 stores and expected to complete that phase by the end of calendar year 2016. Walgreens said it was putting in place a number of beauty consultants in its top 2,000 stores in order to drive up sales. The idea is that sales will start to move higher in the summer and in the autumn with comps improving quarter by quarter.

MasterCard shares were sliding this morning after word came that the credit card company faces a $24.6 billion claim for overcharges paid by U.K. customers. The EU ruled that the interchange fees that occurred over a 16-year time period were unfair. The lawsuit claimed that MasterCard set high fees knowing that it was overcharging customers. MasterCard disagrees with the claims. The stock is lower by 70 cents to $87.35.

Tanger Factory Outlet Centers was downgraded by Hilliard Lyons to hold from buy by analyst Carol Kemple. The analyst said valuation was the only reason behind the downgrade. Tanger stock hit a 52-week high of $41. Kemple said she still likes the company’s fundamentals and would review the rating if the price fell.

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