Transcripts

Oil Price Slide Fuels Wall Street Rally

SUSIE GHARIB: Falling oil prices ignited a big rally on Wall Street today. The Dow soared 302 points or about 3 percent. The NASDAQ gained 58 points or just over 2 percent. Over in the oil markets, September crude futures tumbled almost $5 a barrel closing at $115.20. Oil has now fallen 8 percent this week and is down 21 percent from its high set last month. Fueling today's oil sell off, a surging U.S. dollar on concerns that European economies could be headed for trouble and hopes the U.S. economy could be over its tough times.