Updated from 7:08 a.m. EDT

Premarket futures were suggesting a higher open for U.S. stocks Monday, as governments worldwide initiated massive emergency aid packages for struggling banks.

Futures for the

S&P 500

were up 42 points at 933 and were 31 points ahead of fair value.


futures were higher by 53 points at 1335 and were 57 points better than fair value.

Central banks across the globe were initiating policies to offer liquidity to banks and bolster lending markets.

In the U.S., Interim Assistant Secretary for Financial Stability Neel Kashkari said in a statement that the Treasury Department had enlisted law firm Simpson Thatcher to advise it on a plan to buy equity positions as a measure in its $700 billion relief package for financial firms.

The U.K. announced a plan to inject capital into three of its struggling banks.

Royal Bank of Scotland

(RBS) - Get Report



(LYG) - Get Report



will get up to $63 billion in government support, the

U.K. government


Australia said it would guarantee all of its banks' deposits and international debt. The United Arab Emirates said it would guarantee its domestic bank deposits. France and Italy are expected to detail their own plans later Monday. Germany, meanwhile, was preparing to expand a bailout package for its banks to $680 billion.

According to a report by



Treasury Secretary Henry Paulson

was looking into a U.S. program to guarantee debt issued by domestic banks following the significant intervention by European governments.


Federal Reserve

said it would offer unlimited dollar funding to swap facilities with several European central banks to meet increasing demand.

In company news, mergers and equity investments were dominating the headlines. Japanese bank

Mitsubishi UFJ


closed a deal with

Morgan Stanley

(MS) - Get Report

to buy a 21% stake in the U.S. bank holding company.


Banco Santander


said it may acquire all of troubled U.S. thrift

Sovereign Bancorp



Outside the financials,

General Motors

(GM) - Get Report

was in discussions with

Cerberus Capital Management

to buy


automotive operations, according to published reports. Cerberus owns an 80% stake in



In analyst actions, Goldman Sachs predicted that the S&P 500 would climb 11% to reach 1000 at the end of the year. There's a high probability of a rally, Goldman said, but the rebound would not mark the beginning of a new bull market.

Among technology shares, Friedman Billings reduced price targets on a wide array of technology companies, including


(MSFT) - Get Report





Adobe Systems

(ADBE) - Get Report


As for commodities, crude oil was up $4.39 at $82.09 a barrel, and gold was lower by $3 at $856.

The market for U.S. Treasury securities was closed. The dollar was falling substantially vs. the euro and pound but rising against the yen.

Europe's exchanges, such as the FTSE in London and the Dax in Frankfurt, were trading higher. In Asia, Hong Kong's Hang Seng gained 10%. Japan's Nikkei was closed for a holiday.