Bond-buying program pushes European markets higher

The AP reports:

Most European markets rose and Spain and Italy's borrowing costs dipped to more manageable levels on Monday after the European Central Bank said it would buy the two countries' bonds in order to help them avoid devastating defaults.

Asian markets traded lower but their retreat was not as bad as many had feared over the weekend after a downgrade of U.S. debt. Japan's Nikkei 225 stock average closed 2.2 percent lower at 9,097.56.