U.S. stocks rise slightly as travel stocks see gains

June 1 (UPI) -- U.S. stocks rose slightly Monday to begin June after two consecutive weeks of solid growth.

The Dow Jones Industrial Average lost nearly 100 points after the opening bell on the New York Stock Exchange, but rebounded and was up more than 91 points, or 0.36 percent, at closing.

The S&P 500 closed up 0.38 percent and the Nasdaq Composite rose 0.66 percent.

Stocks Monday were largely driven upward by travel-related businesses that likely would benefit from the lifting of restrictions put in place to prevent the spread of COVID-19.

Norwegian Cruise Line stock shot up 10.41 percent, Carnival stock rose 6.73 percent and Royal Caribbean gained 7.27 percent.

American Airlines stock gained 5.81 percent, United grew 5.06 percent and Delta gained 3.81 percent. Meanwhile, Hilton stock increased 3.28 percent and Marriott grew 7.38 percent.

Pfizer stock, however, fell 7.15 percent after the company said its trial for a potential breast-cancer treatment did not produce the desired results.

The Institute for Supply Management also released its May 2020 report Monday, showing that the overall economy returned to a slight expansion although manufacturing contracted during the month.

All three indices finished May with two straight weeks of growth. Last week, the Dow and S&P 500 grew by more than 3 percent and the Nasdaq climbed nearly 2 percent.