"We've had everything from Covid problems in China to the invasion of Ukraine.I think we may have a bumpy first quarter, and depending on the Fed it may last a little longer than that," Cashin said.The Nasdaq, however, dominated by the likes of Apple, Tesla and Microsoft, muddled through its fourth consecutive negative quarter for the first time since 2001.The Dow finished: - down 8.78% for the year - up 15.39% for the quarter - down 4.17% for the month - down 0.17% for the week The S&P 500 finished: - down 19.44% for the year - up 7.08% for the quarter - down 5.90% for the month - down 0.14% for the week The Nasdaq Composite finished: - down 33.10% for the year - down 1.03% for the quarter - down 8.73% for the month - down 0.30% for the week The Russell 2000 small caps finished: - down 21.56% for the year - up 5.8% for the quarter - down 6.64% for the month - up 0.02% for the week — Jesse Pound, Christopher Hayes Stocks close lower to end 2022 Stocks closed well off their lows of the session on Friday, but the major averages still finished in the red.The move could be laying the groundwork for a shift toward tighter fiscal policy, according to the report."