U.S. stocks closed sharply higher Friday, with all three major indexes bouncing as investors appeared relieved that fresh data showed inflation rose slightly less in November than forecast.

The Dow Jones Industrial Average rose 1.2%, but lost steam as it neared the closing bell, according to preliminary data from FactSet data. The S&P 500 ended 1.1% higher, while the Nasdaq Composite climbed 1%.

But all three equities benchmarks booked weekly losses, with the Dow dropping 2.3%, the S&P 500 falling 2% and the technology-heavy Nasdaq declining 1.8%, the preliminary data show.