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Latin American markets are higher today, picking up strength in line with many equities markets around the world after the European Central Bank released details of its sovereign bond-buying program in a bid to stablize interest rates on the continent. Financial stocks are helping pace gains, including Banco Santander SA ( SAN ) - the Spanish bank with extensive operations throughout South America. Its ADRs have risen over 4%.

Here's where the regional markets stand this afternoon:

- Ibovespa up 992.27 (+1.7%) to 57,856.

- IPC (Mexico City) up 458 (+1.2%) to 40,032.

- Santiago Index IPSA up 18.15 (+0.44%) to 4,122.10.

- Merval Buenos Aires up 14.58 (+0.6%) to 2,396.8

In company news, Raymond James has downgraded BRF Brasil Foods ( BRFS ) from Outperform rating to Market Perform. BRFS ADRs are down 0.3% to around $16.13, above a day low $15.96.

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