Stocks plunge as recession fears mount

US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession.

The Dow (INDU) tumbled 602 points, or 2%, in afternoon trading. The S&P 500 (SPX) and the Nasdaq (COMP) Composite were each down 2.2%.

The Dow is currently within 20 points of reaching bear territory. If the Dow finishes at or below 29,439.72, it would mark a 20% fall from the indexes record close of 36,799.65 set on January 4, and send the index into an official bear market. The index is currently on track to close the day below 30,000 points for the first time since June 17. A more sizable plunge could land the index at a two-year low Friday.