U.S. stocks closed higher for the the third consecutive day on Friday, reversing three weeks of losses after central bank officials in the United State and Europe signaled their intentions to stifle inflation.

The Dow Jones Industrial Average rose 377.19 points, or 1.19%, to 32,151.71. The S&P 500 rose 61.23 points, or 1.53%, to 4,067.41, and the Nasdaq Composite closed up 250.18 points, or 2.11%, to 12,112.31.

The European Central Bank hiked interest rates .75% from zero on Thursday, the same day Federal Reserve Chairman Jerome Powell said that he is "strongly committed" to bringing down inflation. Powell reiterated that the Fed would do everything in its power to stifle inflation.

Wall Street analysts are anticipating the Fed will hike interest rates .75% as soon as next week.

Some of the tech stocks that closed higher included Cloudflare (NET), which rose to $65.84, up $3.26, or 5.21%. WeWork Inc. (WE) shares rose $.24, or 5.87%, to $4.33.

Next week's inflation report is likely to "give a mixed picture with some good news and some bad news," wrote economists at UniCredit Bank.