Stock futures up on GMAC decision

NEW YORK (Reuters) - Stocks futures rose on Friday as General Motors shares rallied before the opening bell on news its GMAC affiliate qualified to be a bank holding company.

GMAC LLC, the financing arm of carmaker General Motors, won Federal Reserve approval on Wednesday to become a bank holding company, giving it access to government lending programs and helping it stave off bankruptcy.

Shares of General Motors rose nearly 14 percent to $3.70 in while Ford Motor rose 6 percent to $2.24.

Many retailers, meanwhile, were hoping to make up for a dismal holiday shopping period so far by slashing prices in post-Christmas holiday sales to move inventory.

A report from SpendingPulse, a division of MasterCard Advisors, said sales were down 2 to 4 percent from a year ago for the full holiday season and declined 8 percent in December alone.

Bargain-hunting also may lend support to stocks, traders said.

"It may not be the bottom, but it's no time to be 100 percent in cash," said Ron Weiner, president and founder of RDM financial in Westport, Connecticut.

"There are too many bargains looking out 24 to 36 months."

S&P 500 futures rose 5.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 46 points, and Nasdaq 100 futures added 10.25 points.

By contrast, online shopping at some companies was encouraging. Internet retailer Amazon.com said the recently completed shopping season was its best ever, with 6.3 million items ordered on its peak day of December 15. Shares rose 5.6 percent to $54.30 in premarket trade.

Jones Apparel jumped nearly 16 percent to $4.50 in early trade after company said that it has completed a $600 million amended and restated credit facility.

Asian stocks edged up on Friday and Japan's Nikkei average posted its highest close in six weeks as investors bet a raft of government measures will help the global economy recover next year.

Trading activity overseas was light with many financial markets closed following Christmas Day. Markets in Hong Kong and Australia were closed while many markets in Europe will remain closed.

Oil rose above $36 a barrel on Friday after the United Arab Emirates joined leading exporter Saudi Arabia in deepening supply curbs in line with OPEC's biggest ever output cut announced last week.

U.S. stocks rose on Wednesday in a shortened session before Thursday's Christmas Day holiday. The Dow snapped a five-day string of losses, while the S&P 500 and the Nasdaq reversed two days of declines.

(Editing by Kenneth Barry)

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