Wall Street's three major indexes closed higher on Friday and U.S-listed shares of major Chinese companies, including Didi Global and Alibaba, surged.

Investors were also relieved by slowing gains in oil prices as they continued to digest the Federal Reserve's Wednesday interest rate increase and its aggressive plan for further hikes aimed at combating soaring inflation.

Wall Street's three main indexes boasted their biggest weekly percentage gains since early November 2020 with the S&P adding 6.2 percent while the Dow rose 5.5 percent and the Nasdaq jumping 8.2 percent.

Shares of the Chinese companies jumped on Friday, with ride-hailing firm Didi Global leading the gains with a 59.7-percent surge. Zhihu was trading up 56.4 percent, Alibaba gaining 7.9 percent and Baidu up 6.7 percent.

On Wednesday, China's Financial Stability and Development Committee revealed that Chinese and U.S. regulators have made positive progress regarding Chinese companies listed in the U.S.

Following the announcement, China's securities regulator said it will support all kinds of eligible enterprises to list overseas and will try to reach an agreement on China-U.S. audit supervision cooperation as soon as possible.

(With input from Reuters)