In today’s business news, the stock markets in Canada and Wall Street had a great day. The S&P 500 had its best day since April and the TSX composite index in Toronto had its biggest gain in almost a year. The rally was led by information technology stocks, with Shopify Inc. being the top performer on the index. The company reported strong earnings in its third quarter. However, Spin Master Corp., a toy manufacturer, said that the lead-up to the holiday sales season has been disappointing so far due to high inflation. Retailers are being more conservative with their orders, which may impact sales. In other news, Ontario announced that it will exempt purpose-built rental projects from the provincial portion of the Harmonized Sales Tax (HST) in order to encourage rental construction. Finally, the stock markets continued to climb higher, with the TSX composite index up over 500 points, and several Canadian energy companies reported earnings, including Canadian Natural Resources Ltd.
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