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CORRECTED - US STOCKS-U.S. stocks rise, helped by oil price tumble
Overseas market update
Market Indices20 June,2008
20/06/2008 08:08 Sydney, Australia.
US Value Change
Dow Jones 12063.09 +34.03
NASDAQ 2462.06 +32.35



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All overseas indices
* Oil drops more than $4, helps airlines, retailers

* Tech stocks rally, powered by chip shares

* Citigroup shares slide on CFO warning on write-downs (Corrects Boeing stock price rise in 11th paragraph to 3.1 percent, instead of 1 percent) (Updates to close)

By Walker Simon

NEW YORK, June 19 (Reuters) - U.S. stocks rose on Thursday as a drop in oil prices fueled investor optimism about consumer spending, driving shares of transportation and retailers sharply higher.

U.S. oil prices tumbled 3.5 percent to $131.93 a barrel on the prospect of lower demand from China, which announced it would raise domestic gasoline and diesel prices. That eased fears about the toll of higher fuel costs on American consumers and businesses.

CK