Not since the middle of December did the Dow report three consecutive gains. Concerns over the price of oil and where it might land along with a flailing European economy dragged the Dow, S&P 500 and NASDAQ for the past few weeks. Yet the good news today was the ECB’s long awaited dow up, rates lowerannouncement of an economic stimulus program—their own version of the Fed’s QE that ended last fall.

The European Central Bank announced a quantitative easing program purchasing $70 billion (60 billion Euros) in bond purchases beginning in March of this year and into 2016.

That was very welcome news to the Dow, closing at 17813.98, up a respectable 249.70 points. The S&P 500 followed along as well up 31.03 and a 2063.15 close. The NASDAQ rose 1.78% for a 82.98 point gain, closing at 4750.40. Investors around the globe are hoping the ECB moves will begin to support prices there as well as the Euro. Including falling gasoline prices, retail inflation is a goal, not a concern as the HICP inflation rate came in at -0.2% annualized as of January 1, 2015.

Along with the strength on Wall Street created a small sell off in mortgage bonds, with the benchmark 30 yr FNMA 3.5 coupon losing 10/32 to close at 104.27. Mortgage bonds have been on a tear lately, confirmed today by Freddie Mac’s weekly mortgage rate survey. According to Freddie, the 30 year fixed rate mortgage for a primary residence drifted lower by three basis points to 3.63% and the 15 year note fell a bit further to 2.93% from the previous 2.98% mark. Investor rates for single family homes are typically about 0.25% higher than those for a primary residence.