Spanish and Italian bonds rallied late last week after an encouraging jobs report was released from Spain. The nations' debt enjoyed a good 2013, and early indications are that the trend will continue. "As an investor, if you think the economy's getting better and the [European Central Bank] will stand behind Spain and Italy, you're still being adequately compensated for taking the risk," said Iain Stealey of JPMorgan Asset Management.

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