Apple Jumps on Reports of Self-Driving Car; Stocks Rise on Bullish Housing Data

Stocks wrapped up Monday's session to the upside on the heels of encouraging housing data. The broad S&P 500, the Dow Jones Industrial Average and the tech-heavy Nasdaq posted gains under 1 percent, erasing losses earlier in the day. The National Association of Home Builders index rose 1 point in August to 61. Economists expected a reading of 59. On the flip side, the Empire State Manufacturing Survey, which tracks manufacturing activity in New York, fell to its lowest level since April 2009. As for corporate news, Apple (AAPL) shares jumped 1 percent on reports the tech giant is developing a self-driving car and reportedly looking to use test centers in San Francisco, according to The Guardian. Meanwhile, Tesla (TSLA) shares rose 4.9 percent, after the analysts at Morgan Stanley (MS) upped their price target on the automaker by a staggering 66 percent to $465, saying Tesla could be developing an Uber-like car service app, which could triple its revenues by 2029. Oil prices continued their downward spiral, settling down 1.48 percent to $41.87 a barrel. TheStreet's Scott Gamm reports from New York.