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Equities declines

NEW YORK: The Dow Industrials, beset by programme selling and an in different bond market, were down but off their lows at midday as money fled the blue chips in search of smaller cap stocks.

The beneficiaries of this migration have been the high technologies which, buoyed by strong first quarter earnings from Compaq Computer and Netscape Communications, were Wednesday's hot items.

The Dow was down 34 at 5554 while declines inched ahead of advancing issues on volume of about 250 million shares.

The Nasdaq Composite Index, a barometer of the high techs, was up six points, or 0.50 percent, at 1173.

Among the high techs, Intel Corp was the most actively traded Nasdaq issue, rising 1-41/64 to 69-3/4. SoundView Financial Group said it raised its short-term rating on Intel to buy from hold and maintained his long-term buy rating.-Reuter