ECB announces bond buying program, markets open higher

The European Central Bank announced a 60 billion euro per month bond buying program to strengthen the ailing European economy. The markets opened higher with the Dow climbing 52 points to 17,606. Nasdaq gained 17 points to 4,685.

On the upside

Royal Bank of Canada will pay approximately $5.4 billion in cash and stock to acquire City National (NYSE: CYN).

FXCM (NYSE: FXCM) increased margin requirements for gold and currency accounts.

Fourth quarter earnings fell for Southwest Airlines (NYSE: LUV) but the results were better than expected and the airliner expects fuel expenses to drop further in the current quarter.

On the downside

Lands' End (Nasdaq: LE) warned of lower fourth quarter earnings and revenue.

F5 Networks (Nasdaq: FFIV) reported higher first quarter earnings but revenue fell short of expectations and the company forecast current quarter results below analyst estimates.

Fairchild Semiconductor (Nasdaq: FCS) fell to a greater than expected loss for the fourth quarter on lower revenue.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and while decliners edged out advancers by 9 to 7 on Nasdaq. The broader S&P 500 gained 8 points to 2040. Bitcoin added $4 to $230.