By Victor Reklaitis, MarketWatch , Ryan Vlastelica

Bristol-Myers tumbles, won't seek accelerated approval for a lung cancer treatment

U.S. stocks finished higher Friday, starting the Donald Trump presidency in the green, but the Dow & S&P 500 logged their second straight weekly decline as uncertainty about the new administration has lingered.

Equities ended off their highs of the session after Trump took the oath of office to become the nation's 45th president and delivered an inaugural address that echoed the protectionist comments he had made throughout his campaign. While he called for measures to support American workers, he offered few additional details that could provide clarity to investors about his legislative priorities.

"Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families," Trump said in the speech. "We must protect our borders from the ravages of other countries making our products, stealing our companies and destroying our jobs."

Read:MarketWatch's recap of the inaugural ceremony (http://blogs.marketwatch.com/capitolreport/2017/01/20/donald-trump-to-be-inaugurated-as-45th-president-live-blog-and-video/)

The Dow Jones Industrial Average closed up 94.85 points, or 0.5%, to 19,827.25, while the S&P 500 index climbed 7.62 points, or 0.3%, to 2,271.31 and the Nasdaq Composite Index added 15.25 points, or 0.3%, to 5,555.33.

The day's gains were broad, with only two of the S&P 500's primary 11 sectors down. The best performers were telecom and materials, both of which rose 0.9%.

Stocks rallied in the wake of Trump's upset election win, with indexes hitting a series of records as investors bet that he would pursue massive corporate tax cuts, deregulation, and infrastructure spending, all of which are expected to accelerate economic growth and stoke inflation. However, the advances have stalled of late as market participants look for proof that the rise will be justified by policy actions.

"Trump has made it clear that as early as today, and certainly by Monday, we'll see actions in terms of the executive orders that will set the tone for the administration and convey his priorities," said David Joy, chief market strategist at Ameriprise Financial in Boston.

In additional to the political news, traders looked at the latest round of corporate earnings, some of which indicated that equity valuations were supported by economic fundamentals.

For the week, the Dow and the Nasdaq are off 0.3%. The S&P 500 is down 0.2%. It is the second straight weekly decline for the Dow and the S&P.

Check out:Why the stock bulls will keep trampling over your Trump fears (http://www.marketwatch.com/story/why-the-stock-bulls-will-keep-trampling-over-your-trump-fears-2017-01-20)

Read:How stocks perform in a new president's first 100 days (http://www.marketwatch.com/story/how-stocks-perform-in-a-new-presidents-first-100-days-in-one-chart-2017-01-19)

See:Investing legend Jim Rogers says dump stocks if Trump launches trade war (http://www.marketwatch.com/story/investing-legend-jim-rogers-says-dump-stocks-if-trump-launches-trade-war-2017-01-20)

And see:Trump inauguration sparks anxiety among some investors (http://www.marketwatch.com/story/trump-inauguration-set-to-unleash-cascade-of-stock-market-anxiety-2017-01-19)

Stock movers: Shares in IBM(IBM) rose 2.2% a day after the tech giant posted better-than-expected earnings (http://www.marketwatch.com/story/ibm-hits-52-week-high-after-beating-on-earnings-2017-01-19).

See:IBM at least has improved at predicting its revenue declines (http://www.marketwatch.com/story/ibm-at-least-has-improved-predicting-its-declining-revenue-2017-01-19)

American Express Co.'s stock (AXP) ended off 0.6% after the credit card company's quarterly earnings missed forecasts, though its revenue beat estimates (http://www.marketwatch.com/story/american-express-shares-up-slightly-after-companys-quarterly-sales-beat-expectations-2017-01-19).

General Electric Co.(GE) dropped 2.2% after the conglomerate's quarterly revenue drop was larger than expected (http://www.marketwatch.com/story/ge-revenue-slips-below-estimates-on-oil-woes-2017-01-20), while Procter & Gamble Co.(PG) rose 3.3% after better-than-anticipated earnings (http://www.marketwatch.com/story/procter-gamble-shares-rise-on-second-quarter-earnings-beat-2017-01-20). IBM, AmEx, P&G, and GE are all Dow components.

Bristol-Myers Squibb Co.(BMY) tumbled 11% after the pharmaceutical company said it wouldn't pursue accelerated approval (http://www.marketwatch.com/story/bristol-myers-squibb-stock-sinks-72-after-it-says-it-wont-pursue-accelerated-approval-for-lung-cancer-combination-treatment-2017-01-20) for a lung cancer combination treatment.

Skyworks Solutions Inc.(SWKS) surged 13% after the chip supplier to Apple Inc. (AAPL) posted better-than-expected quarterly results (http://www.marketwatch.com/story/skyworks-shares-up-on-earnings-stock-buyback-2017-01-19), while also unveiling a $500 million stock-repurchase program.

"Earnings have been a mixed bag so far, and we'll need to see some follow-through there in order to justify valuations, let alone for the market to be taken higher," Joy said. "But recent economic data has been encouraging, including here, in Europe, and in China. In that respect Trump has a bit of a tailwind."

Other markets:Oil futures (http://www.marketwatch.com/story/oil-prices-rise-amid-weaker-dollar-optimism-over-market-tightening-2017-01-20) traded 2% higher, while European stocks (http://www.marketwatch.com/story/european-stocks-waver-but-banks-gain-ahead-of-trump-ceremony-2017-01-20) were little-changed. Chinese stocks gained on stronger-than-expected economic growth (http://www.marketwatch.com/story/china-stocks-gain-on-economic-data-other-asian-markets-mostly-lower-2017-01-19) to end 2016, but Asian shares overall logged modest declines. Gold futures were roughly flat, and a key dollar index climbed.

Economic news: On Thursday, Federal Reserve chief, Janet Yellen, indicated she wasn't worried about the surge in inflation (http://www.marketwatch.com/story/yellen-not-worried-about-surge-of-inflation-2017-01-19) and signaled she saw no reason to rapidly raise interest rates.

There were no releases of top-tier U.S. economic data expected.

Check out:

(END) Dow Jones Newswires

January 20, 2017 16:30 ET (21:30 GMT)

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