Stocks held back by plunge in factory orders

Associated Press
In this Aug. 19, 2013, photo, stock traders work at the Goldman Sachs post at the New York Stock Exchange in New York. U.S. stock futures were mixed on data showing that businesses cut back sharply on big-ticket purchases last month. The report from the Commerce Department Monday, Aug. 26, 2013, followed a report Friday revealing that new home sales tumbled last month. (AP Photo/Mark Lennihan)
.

View photo

In this Aug. 19, 2013, photo, stock traders work at the Goldman Sachs post at the New York Stock Exchange in New York. U.S. stock futures were mixed on data showing that businesses cut back sharply on big-ticket purchases last month. The report from the Commerce Department Monday, Aug. 26, 2013, followed a report Friday revealing that new home sales tumbled last month. (AP Photo/Mark Lennihan)

NEW YORK (AP) — The stock market is inching higher in early trading as a plunge in factory orders last month made investors cautious.

The Dow Jones industrial average edged up five points, or 0.03 percent, to 15,015 in the first few minutes of trading Monday.

The Standard & Poor's 500 index was up three points, or 0.2 percent, at 1,666. The Nasdaq composite was up 10 points, or 0.3 percent, at 3,668.

Amgen jumped $8.14, or 8 percent, to $113.78 after the biotech company agreed to buy cancer drugmaker Onyx Pharmaceuticals for $10.4 billion. Onyx rose $6.64, or 6 percent, to $123.60.

The government reported that orders for durable goods plunged 7.3 percent in July, the steepest drop in nearly a year. That's almost twice the decline forecast by economists.

View Comments