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The European Central Bank (ECB)stepped into the market for Italian and Spanish bonds and the yields, which had been rising, fell substantially. That will make borrowing for both governments less expensive. The action taken by the ECB is similar to what the US Fed had been doing in its quantitative easing program.
Reassuring the bond market in Europe was important but there are still concerns over economic in growth in Europe and in the US which is a big export market for several Euro Zone countries.