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Stocks declined Friday as fears grow over a recession taking place as the Federal Reserve continues hiking interest rates.

The Dow Jones Industrial Average shed 281.76 points, or 0.85%, to 32,920.46. The S&P 500 declined 1.11% to 3,852.36. Meanwhile, the tech-heavy Nasdaq Composite plunged 0.97% to 10,705.41.

The indexes notched a second consecutive week of losses. The S&P 500 slumped 2.08% for the week, putting its December losses at 5.58%, as hopes for a year-end rally are dashed. The Dow and Nasdaq slid 1.7% and 2.7%, respectively.

The sell-off was broad-based, with three stocks slumping for every advancer at the New York Stock Exchange. At one point, there were only 10 S&P 500 names in positive territory. The real estate and consumer discretionary sectors were the most significant losers, down nearly 3% and 1.7%, respectively.

Stocks plunged this week in the wake of the Fed’s 50 basis point interest rate hike on Wednesday — the highest rate in 15 years. The central bank said it would continue hiking rates through 2023 to 5.1%, a bigger figure than previously expected.

“At the beginning of the week, we had the hope, given the very soft CPI number, that we could expect the Fed, and maybe the other central banks of the world, to be less hawkish,” Bokeh Capital founder Kim Forrest said.

“But because they didn’t, and they had some stern words for investors and consumers alike that they were really focused on getting inflation down quickly, that has taken away a lot of our hope for a soft landing,” Forrest added.