Dow gains 108.98 points, crude oil settles at $90.61

Signs that a widespread European debt crisis could be averted helped send stocks up Monday.

The Dow Jones industrial average rose 108.98 points, or 0.9 percent, to close at 12,043.56. The Standard & Poor’s 500 index rose 11.65, or 0.9 percent, to 1,280.10. The Nasdaq composite index rose 35.39, or 1.3 percent, to 2,688.28.

Benchmark oil for August delivery fell 55 cents to settle at $90.61 on the New York Mercantile Exchange. In London, Brent crude for August delivery rose 87 cents to $105.99 a barrel on the ICE Futures exchange.

In other Nymex trading in July contracts, heating oil rose 1.25 cents to $2.7814 a gallon while gasoline rose 2.85 cents to $2.7444 a gallon. Natural gas futures rose 2.7 cents to $4.256 per 1,000 cubic feet.

Maine’s retail gas price drops to average $3.65

The average retail gasoline price in Maine continues its decline, and is $3.65 per gallon, a 6.2 cent per gallon drop from a week ago.

MaineGasPrices.com said that with the latest drop, the average price in Maine on Sunday was 17.4 cents per gallon lower than it was a month ago, but still 88.1 cents per gallon higher than the same day one year ago.

The price-monitoring website says Maine’s current average, $3.65 per gallon, compares with the national average that’s fallen 6.5 cents per gallon in the last week to $3.58 per gallon.

Nike profit rises 14 percent as sales improve globally

Nike Inc.’s fourth-quarter net profit rose 14 percent to beat expectations as the company’s sales improved around the globe.

The world’s largest athletic shoe company reported Monday that it earned $594 million, or $1.24 per share, for the quarter. That’s up from the $522 million, or $1.06 per share, it earned in the same quarter last year.

Nike’s revenue rose 14 percent to $5.77 billion. The results handily beat the $1.16 per share on revenue of $5.53 billion that analysts polled by FactSet were anticipating. The news sent shares of the company soaring in after-hours trading.

Fitch lowers default rating on Best Buy two notches

Fitch Ratings on Monday cut its long-term default rating on electronics retailer Best Buy Co. by two notches to the lowest investment-grade rating. The agency cited weak sales trends at established stores, tough competition and a battle for market share as more shoppers buy electronics online or at discount retailers.

Fitch also noted that Best Buy is facing a consumer pressured by high unemployment and housing costs and rising gas prices. The agency lowered the rating to “BBB-” from “BBB+” with a stable outlook. As of May 28, Best Buy had $2.1 billion of debt outstanding.