North American markets closed higher after a seesaw session Wednesday despite the grim economic outlook put forward by the U.S. Federal Reserve.

The S&P/TSX composite index closed up 103.95 points, or 0.77%, to end at 13,551.69.

Seven of the 10 major TSX groups posted gains.

The materials group gained 1.15%, with diversified metals sector moving up 2.85%.

Teck Cominco Ltd. shares moved up $1.41, or 4.07%, to end the volatile session at $36.05.

The gold sub-index moved up 1.16%, as gold for April delivery rose US$8 to end at US$937.80 an ounce on the New York Mercantile Exchange.

Kinross Gold Corp. stock gained 32¢, or 1.35%, to close at $23.95.

The heavyweigt energy index gained 0.94% as crude oil closed out at a new record high. The March contract gained 73¢ to finish at US$100.74 a barrel on the Nymex.

The financials group gained 0.76%.

ING Canada Inc. shares gained 61¢, or 1.68%, to finish at $36.88, after it announced a dividend increase of 14.8% and a stock buyback. ING Q4 earnings fell 12% to $95.8 million.

In individual stocks, shares in Tim Hortons Inc. gained 21¢, or 0.59%, to finish at $35.62, after it said it is increasing its dividend 28.6%. The coffee chain’s Q4 profit rose 11.5% to $75.7 million, compared with $67.9 million a year earlier.

The junior S&P/TSX Venture composite index gained 19.89 points, or 0.76%, to close at 2,642.49.

The Canadian dollar closed out at US$98.72, up 0.40 of a cent.

In New York, it was a bumpy ride for U.S. stocks. Stocks rallied in the afternoon on hopes that the Fed might make further cuts to interest rates.

The Dow Jones Industrial average moved up 90.04 points, or 0.73%, to end the day at 12,427.26.

The S&P 500 closed up 11.25 points, or 0.83%, at 1,360.03.

The tech-heavy Nasdaq composite head also gained, moving up 20.90 points, or 0.91%, to end at 2,327.10.