There are various problems with doing the sub-make inside a for loop in a single recipe. The best way to do multiple subdirectories is like this:
SUBDIRS := $(wildcard */.)
all: $(SUBDIRS)
$(SUBDIRS):
$(MAKE) -C $@
.PHONY: all $(SUBDIRS)
(Just to point out this is GNU make specific; you didn’t mention any restrictions on the version of make you’re using).
ETA Here’s a version which supports multiple top-level targets.
TOPTARGETS := all clean
SUBDIRS := $(wildcard */.)
$(TOPTARGETS): $(SUBDIRS)
$(SUBDIRS):
$(MAKE) -C $@ $(MAKECMDGOALS)
.PHONY: $(TOPTARGETS) $(SUBDIRS)