Futures on major U.S. indices point to a higher opening on Monday on the news that Ireland has formally applied for aid to stabilize its ailing banking system.

Futures on the S&P 500 are up 0.32 percent, futures on the Dow Jones Industrial Average are up 0.30 percent and Nasdaq100 futures are up 0.49 percent.

Over the weekend, the Irish government agreed to request a bailout from the European Union and the International Monetary Fund (IMF), according to official statements from Ireland and the Euro group. The size is likely to be 80 to 90 billion euros.

Separately, the UK and Sweden have indicated that they are willing to make individual loans to Ireland. UK banks are heavily exposed to Irish debt and Ireland is a big exports market for the UK, so Britain has strong incentives to financially shore up its neighbor.

On the corporate front, Hewlett-Packard, Analog Devices and Tyson Foods are due to release their quarterly earnings during the day.

On Friday, US stocks finished a volatile week with modest gains, finishing flat for the week as a whole.

Gold futures advanced 0.34 percent as dollar weakened against the euro and crude oil futures rose 0.68 percent to $82.54/barrel.

The euro advanced 0.47 percent to 1.3738 against the dollar and the yen gained 0.13 percent against the greenback.

European stock markets advanced, led by gains from banks, oil and mining companies’ shares. Markets are currently trading higher with FTSE 100 up by 19.83 points, DAX30 up by 36.78 points and CAC 40 up by 20.34 points.