Stock markets found their way higher this afternoon, despite gloomy pending housing data and retail sales reports in the U.S.

The S&P/TSX Composite index closed up 58.17 points, or 0.45%, at 12,925.37.

Seven of the ten main TSX groups moved up.

The financials sector gained 0.79%.

Canaccord Capital Inc. shares dropped 24¢, or 1.87%, and closed at $12.60, after the company reported ABCP write-downs pushed Q# profits down 36.5%, to $15 million.

Royal Bank of Canada shares gained $1.17, or 2.33%, to close at $51.29.

The materials group gained 0.41%. Eastern Platinum shares rose 11¢, or 3.62%, to close at $3.15.

Teck Cominco shares gained $1.19, or 3.55%, ending the session at $34.67.

Gold for April delivery gained US$5 to end at US$910 an ounce on the Nymex.

Meanwhile, the heavyweight energy group gained 0.77%.

Crude oil for March delivery rose 97¢, or 1.1%, to close at US$88.11 a barrel on the Nymex.

In individual stocks, Air Canada announced its best Q4 profit ever, at $35 million. Its shares gained $1.47, or 17.95%, to close at $9.66.

Loblaw Cos. shares lost 7¢, or 0.23%, closing at $30.73, after it reported Q4 net earnings of $40 million, up from a $756 million loss last year, but still below analyst expectations.

Meanwhile, Thomson Corp. shares dipped 28¢, or 0.80%, to close at $34.86, after it said net income increased to US$4 billion last year from $1.12 billion the previous year and it is raising its dividend by 10%.

The Canadian dollar closed out at US$98.93, down 0.46 of cent from yesterday’s close.

The junior S&P/TSX Venture composite index closed down 12.62 points, or 0.50%, at 2,493.04.

In New York, bargain hunters pulled markets up, battling the slump caused by weak housing and retails reports and disappointing earnings forecasts.

The Dow Jones Industrial Average gained 46.90 points, or 0.38%, to close at 12,247.00.

The S&P 500 also made gains, rising 10.46 points, or 0.79%, ending at 1,336.91.

The Nasdaq ended the day at 2,293.03, up 14.28 points, or 0.63%.