Stocks Edge Up as Oil Slumps

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% 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%, to 17,131.

The Standard & Poor's 500 index rose two points, or 0.1%, to 2,017. The Nasdaq composite added eight points, or 0.2%, 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. (More stock market stories.)