Stocks sank lower on Friday to post a second straight weekly loss as market participants remained concerned that the U.S. economy is headed towards a period of recession. The Dow Jones Industrial Average fell over 280 points, while the S&P 500 Index and Nasdaq Composite each declined about 1%.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -1.12% or -43.61 points to 3,852.14

Dow Jones Industrial Average (DIA  ): -0.85% or -282.22 points to 32,920.00

Nasdaq Composite Index (QQQ  ): -0.97% or -105.11 points to 10,705.41

Friday's close marked a second consecutive down well for major averages, with the S&P 500 off more than 2% for the week and 6% for the month. Like Thursday's sell-off, Friday's plunge was broad-based, with only a handful of S&P 500 names trading in positive territory.

Investors were met with another disappointing economic report on Friday, with preliminary readings on U.S. economic activity for December showing a slowdown at the start of the month. The S&P Global's services price managers' index (PMI) declined to a four-month low, while its manufacturing index dropped to a 31-month low in initial readings for December.

"Business conditions are worsening as 2022 draws to a close, with a steep fall in the PMI indicative of GDP contracting in the fourth quarter at an annualized rate of around 1.5%," said Chris Williamson, chief business economist at S&P Global Market Intelligence, in a statement. "Jobs growth has meanwhile slowed to a crawl as firms across both manufacturing and services take a much more cautious approach to hiring amid the slump in customer demand."

This report followed Thursday's downbeat U.S. retail sales data for November, which sparked concerns that the U.S. consumer is starting to pull back on spending in response to increasing interest rates amid persistently high levels of inflation.

For stocks, Adobe (ADBE  ) was one of the few outperforming the market on Friday, with shares up nearly 3% after the software company posted a fourth-quarter earnings beat and issued guidance that topped expectations. Meta Platforms (META  ) was also one of the positive traders on Friday, after JPMorgan (JPM  ) upgraded the social media company to Overweight from Neutral.

Goldman Sachs (GS  ) was in the news Friday on reports that the Wall Street bank is planning to cut up to 8% of its employees as it prepares for a tougher economic climate next year. The layoffs with reportedly impact every division of the bank and will likely happen in January, CNBC reports.

Looking ahead, Wall Street is expected to continue to mull over the Federal Reserve's latest monetary policy decision and its implications heading into the New Year as market participants are left with only a few more economic reports of 2022.