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The Dow Jones Industrial Average just closed out its worst week since the 2008 financial crisis, finishing down nearly 7%. The stock market overall had its worst week since 2011, per the AP.
Why it matters, via Axios' Dion Rabouin: This week's market undoing has analysts and fund managers on Wall Street breaking out the 'R' word — recession. While many had sworn off such language a couple weeks ago, the looming government shutdown and crumbling global growth outlook has Wall Street talking openly about recession.
The context: The Trump administration has reached a new level of chaos, with Defense Secretary James Mattis submitting his resignation Thursday and the Senate likely to shoot down a short-term spending bill that would keep parts of the government funded past tonight at midnight. Trump's trade adviser Peter Navarro also told Nikkei Asian Review Friday that he thinks it will be "difficult" for the U.S. to reach a deal with China in 90 days, adding to the atmosphere of uncertainty.