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Equities move upward

NEW YORK: The Dow Industrials moved higher at midday, struggling free of the downward pull of weak bonds and a Wednesday decline. Investors continued to track first quarter earnings.

The Dow Industrials were up 11 points at 5561 and advances led declining issues by four to three on volume of about 191 million shares. The long bond was down 10/32 to yield 6.84 percent.

"The market is moving on earnings reports and they continue to be good," said Dick Stein, trader at Garban Corporates.

The Nasdaq Composite Index, a barometer of the high technology sector, was up 12 points at 1133.

"The high technologies are strong and the pharmaceuticals are strong, so it's hard to dislike anything that is going on here," Stein said.

The index rose to 17.3 in April, suggesting manufacturers were working harder in the second quarter to replenish inventories drained by the General Motors strike in March.-Reuter