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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.

Go deeper: The market rally that could signal a coming recession

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Updated 24 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

FBI: Russian hacking group stole data after targeting local governments

FBI Headquarters. Photo: Mark Wilson/Getty Images

Energetic Bear, a Russian state-sponsored hacking group, has stolen data from two servers after targeting state and federal government networks in the U.S. since at least September, the FBI and Cybersecurity and Infrastructure Security Agency said on Thursday.

Driving the news: Director of National Intelligence John Ratcliffe announced Wednesday that Iran and Russia had obtained voter registration information that could be used to undermine confidence in the U.S. election system.

FDA approves Gilead's remdesivir as a coronavirus treatment

A production line of Remdesivir. Photo: Fadel Dawood/picture alliance via Getty Images

Gilead Sciences on Thursday received approval from the Food and Drug Administration for remdesivir, an antiviral treatment that has shown modest results against treating COVID-19.

Why it matters: It's the first and only fully FDA-approved drug in the U.S. for treating the coronavirus.