By Riva Gold and Corrie Driebusch

U.S. stocks rose in choppy trading as Donald Trump was sworn in as president.

The Dow industrials rose 95 points, or 0.5%, to 19827. Stock-trading volume spiked during Mr. Trump's speech, according to FactSet.

The S&P 500 and Nasdaq Composite gained 0.3%.

Government bonds also swung. The 10-year U.S. Treasury yield was 2.466% Friday compared with 2.500% ahead of Mr. Trump's speech and 2.461% Thursday. Yields move inversely to prices.

Markets have swung in recent sessions on comments by the new president. On Tuesday, the dollar fell to its lowest level in a month after Mr. Trump called the dollar "too strong." Last week, health-care stocks dropped after he criticized the pharmaceutical industry during his first press conference as president-elect.

"We're going to see high intraday volatility on off-the-cuff remarks," said Tom Digenan, head of U.S. equities at UBS Global Asset Management. "We don't know how onerous protectionist measures will be, what the tax rate will be or what deregulation we'll get."

On Friday, Mr. Trump said his administration would follow "two simple rules: Buy American and hire American." It also promised new roads, bridges and highways.

Since the November election, investors have broadly bought the dollar and U.S. stocks and sold long-dated government bonds on expectations for tax cuts, spending increases and rolled-back regulation.

Wall Street analysts haven't matched investor expectations for the impact of Mr. Trump's policies on earnings. Analyst earnings estimates for S&P 500 companies in 2017 remain at about $133 a share, roughly the same level as in October ahead of Mr. Trump's victory, according to FactSet.

"There is reason to be optimistic and for stocks to go up, though maybe not so quickly as sentiment pushed it in that direction," said Paul Christopher, head global market strategist at Wells Fargo Investment Institute.

Indeed, some popular trades have waned in the trading sessions leading up to Mr. Trump's inauguration.

In the month following Nov. 8, the Dow industrials jumped 7%. Since Dec. 8, however, the index has climbed 1%. On Thursday, the blue-chip index erased its gains this year in its fifth consecutive session of losses. Part of the reason for the reversal: a pullback in big bank stocks.

Financials, the best-performing S&P 500 sector from Election Day to year-end, lost ground in the past week as investors pulled money out of the sector. On Friday, financials gained back a bit, rising 0.5%, but the sector ended the week down 1.6% and is now down 0.6% in 2017.

Financial-sector stock funds snapped a 16-week streak of inflows and industrial-sector funds posted their biggest outflow since 2015, according to fund-tracker EPFR Global, reversing popular trends that followed the November election.

Flows into gold funds hit a 10-week high. On Friday, gold for January delivery rose 0.3% to $1,204.30 an ounce. Gold prices have risen 4.7% so far this month.

The WSJ Dollar Index was down 0.3% on Friday.

Write to Riva Gold at and Corrie Driebusch at

(END) Dow Jones Newswires

January 20, 2017 16:25 ET (21:25 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.