U.S. stocks plunged Friday, capping four days of decline, and continued concern over inflation and recession. The Dow Jones Industrial Average fell more than 800 points before recovering at the close of trading, but still remained under 30,000 for the first time since June.

The Dow Jones Industrial Average fell 483.83 points, or 1.61%, to 29,592.85. The S&P 500 dropped 64.50 points, or 1.72%, to 3,693.49, and the Nasdaq Composite was down 198.88 points, or 1.80%, to 10,867.93.

On Wednesday, the Fed approved a 0.75% point interest-rate increase to reduce inflation. It was the third consecutive rate increase at that rate and Fed Chairman Jerome Powell said the central bank would do all it could to stifle inflation. Some analysts and investors, however, say the central bank's actions are too aggressive and could propel the economy into recession.

Some of the tech stocks that declined included Apple (AAPL), which closed at $150.43, down $2.31, or 1.51%. Qualcomm's (QCOM) price of shares fell $2.49, or 2.01%, to close at $121.19.

"Based on our client discussions, a majority of equity investors have adopted the view that a hard landing scenario is inevitable and their focus is on the timing, magnitude, and duration of a potential recession and investment strategies for that outlook," wrote Goldman Sachs' David Kostin in a note to clients.