NEW YORK (Reuters) - Stocks rose on Friday as General Motors shares rallied 14 percent on news its GMAC affiliate qualified to be a bank holding company.
* GMAC LLC, the financing arm of automaker 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.
* 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.
* The Dow Jones industrial average <.DJI> rose 37.91 points, or 0.45 percent, at 8,506.39. The Standard & Poor's 500 Index <.SPX> added 4.10 points, or 0.47 percent, at 872.25. The Nasdaq Composite Index <.IXIC> edged up 3.90 points, or 0.26 percent, at 1,528.80.
(Reporting by Deepa Seetharaman; Editing by Kenneth Barry)
