By Riva Gold and Corrie Driebusch

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

The Dow industrials rose 70 points, or 0.4%, to 19802 after being up 98 points ahead of Mr. Trump's speech. Stock-trading volume spiked during the remarks around the same time the index pared gains to a 39-point increase.

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

Government bonds also swung. The 10-year U.S. Treasury yield was 2.482% Friday compared with 2.500% ahead of Mr. Trump's speech and 2.461% Thursday. Yields move inversely to prices.

It was the latest instance of stocks, bonds and the dollar swinging 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 Mr. Trump 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 will follow "two simple rules; buy American and hire American." It also promised new roads, bridges and highways.

Stock-trading volume jumped during the speech, according to FactSet. That rise also corresponded with a large sell order in e-mini S&P 500 futures.

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 have not matched investor expectations for the impact of Mr. Trump's policies on earnings. Analyst earnings estimates for S&P 500 companies in 2017 remains 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, up 0.4% in recent trading, but the sector is still on track to end the week down 1.8% and is now down 0.7% 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, the price of gold rose 0.3% to $1205.10 an ounce. So far this month gold prices have risen more than 4%.

The WSJ Dollar Index was down less than 0.1% on Friday.

Write to Riva Gold at riva.gold@wsj.com and Corrie Driebusch at corrie.driebusch@wsj.com

(END) Dow Jones Newswires

January 20, 2017 14:11 ET (19:11 GMT)

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