US stocks edge higher after a big week; Oil slumps

Friday, October 9, 2015, Vol. 39, No. 41

NEW YORK (AP) — Stocks are closing higher as traders look ahead to a busy week for corporate earnings.

The subdued trading Monday followed the best week for the market this year.

Eli Lilly plunged 8 percent after saying it would abandon the development of a heart disease drug. EMC rose after Dell said it would buy the data storage company.

The Dow Jones industrial average climbed 47 points, or 0.3 percent, to 17,131.

The Standard & Poor's 500 index rose two points, or 0.1 percent, to 2,017. The Nasdaq composite added eight points, or 0.2 percent, to 4,838.

The price of oil fell as a report showed OPEC is keeping up production even after a big drop in prices over the last year.

Bond trading was closed for Columbus Day.