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Stocks held back by plunge in factory orders

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August 26, 2013 09:50 AM EST | AP


NEW YORK — 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.