National Business

NEW YORK (AP) — U.S. stocks ticked to the edge of records as Wall Street’s momentum keeps pushing it upward. The S&P 500 climbed 0.3% Monday but finished just shy of its all-time high set last week. The Dow Jones Industrial Average rose 0.

WASHINGTON (AP) — Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point.

TORONTO — Ontario Premier Doug Ford's government is rushing to get ready-to-drink cocktails on grocery store shelves amid a strike at the province's main liquor retailer that has focused on that very issue.

The Tourism Industry Association of Ontario is calling for a swift resolution to an ongoing strike by the province's liquor store workers, saying the labour dispute is affecting tourism operators during their peak season.

CALGARY — The ban on outdoor watering in Calgary and surrounding communities is staying in place for at least the next few days.

HAMILTON — Seven years after it climbed out of creditor protection and embarked on a major turnaround, Stelco Holdings Inc. said it will be acquired by Cleveland-Cliffs Inc. in a $3.4-billion deal. In a release Monday, the storied Hamilton, Ont.

The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut in years.

TORONTO — Corus Entertainment Inc. says it expects to have slashed 25 per cent of its full-time workforce by the end of next month compared with the beginning of its 2023 fiscal year, as the company continues to "aggressively cut costs.

MONTREAL — Wildfires burning near Labrador City, N.L. have prompted mining companies in the area to temporarily halt operations. Over the weekend, Montreal-based Champion Iron Ltd. and Toronto-based Iron Ore Co.

OTTAWA — Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, fell 0.8 per cent to $82.2 billion in May.