National Business

NEW YORK (AP) — Big technology stocks drove a rally for U.S. indexes, as Wall Street grew even more convinced long-sought cuts to interest rates will be arriving soon. The S&P 500 jumped 1.6% Wednesday for its best day in five months.

CALGARY — Canada's largest drilling rig contracting company has seen such surprising growth in customer demand after the opening of the Trans Mountain pipeline expansion that its CEO believes a rig shortage could be possible by next year.

MONTREAL — WSP Global Inc. is eyeing larger acquisitions once again after working to integrate its sprawling operations as it snapped up smaller companies over the past 18 months, says CEO Alexandre L’Heureux.

GREENFIELD, N.S. — Nova Scotia has announced its next steps to improve the sporadic cellular phone coverage in rural areas across the province, committing Wednesday to spend another $18.6 million to build 27 new telecommunication towers.

TORONTO — The Toronto International Film Festival says it has signed up Rogers Communications as its new "presenting sponsor," but only for the film festival itself and only for a single year.

WASHINGTON (AP) — The Federal Reserve said Wednesday that greater progress has been made in reducing inflation to its 2% target, a sign that the central bank is moving closer toward cutting its key interest rate for the first time in four years.

OTTAWA — The Canadian economy continued to keep its head just above water in May, growing 0.2 per cent, led by expansions in manufacturing and the public sector.

DETROIT (AP) — U.S. auto safety regulators say they stand by a conclusion that more than 50 million air bag inflators are dangerous and should not be in use, taking another step toward a massive recall.

OTTAWA — A third of all agriculture jobs in Canada could be automated within the next decade, according to a new report.

TORONTO — Spin Master Corp.'s chief executive is optimistic the year will end on a high note for the toy market, despite shoppers sticking with their deal-hunting behaviours.