U.S. stocks declined Friday, closing the markets' worst year in 14 years.

The Dow Jones Industrial Average fell 73.55 points, or 0.22%, to close at 33,147.25. The S&P 500 fell 9.78 points, or 0.25%, to close at 3,839.50, and the Nasdaq Composite Index fell 11.61 points, or 0.11%, to close at 10,466.48.

It was the worst year for all three indexes since 2008 and snapped a three-year winning streak. The Dow lost about 9% for the year. The S&P plunged 20% and and the tech-heavy Nasdaq tumbled 34% in 2022.

The Federal Reserve's aggressive rate hikes to battle stubborn inflation has weighed on investors throughout the year. There's concern the rate hikes will push the economy into recession.

Some stocks that fell Friday included Amazon (AMZN), which closed at $84.00, down $0.18, or 0.21%. Alphabet (GOOG) shares fell 0.25%, or $0.22 a share, to close at $88.73.

"We've had everything from Covid problems in China to the invasion of Ukraine. They've all been very serious. But for investors, it is what the Fed is doing," Art Cashin, director of floor operations for UBS, told CNBC. "I would love to tell you that it is going to be like the 'Wizard of Oz' and everything is going to be in glorious color in a moment or two. I think we may have a bumpy first quarter and, depending on the Fed, it may last a little longer than that."