It's just bargain hunting on the Nasdaq.
You are seeing a relief rally. After all the days of selling we've been having, we can finally buy now.
The oil data is giving some support to the stock market, especially given the mixed company earnings that have been released in the past couple of days. Declines in oil prices are always positive for equities.
People are thinking maybe there was an overreaction to the mad cow issue, and there is a little bargain hunting going on.
With energy prices at such high levels, any decline is very positive. The ease in oil is certainly helping the markets today.