The S&P 500 index lost 6.8% in sterling, total return terms, after a turbulent month. The index recorded its biggest single day fall since 1987, wiping out $1.3 trillion of wealth, sending shares tumbling across the globe as concerns over the passage of a bailout deal for the economy arose after the Republican Party's last minute volte face ensured the initial bill was voted down.The decision of Washington Mutual to file for bankruptcy - the biggest banking collapse in US history - sparked upheaval prior to the bailout deal's collapse, as the bank was finally overwhelmed by its toxic mortgage debts.Regional counterpart Wachovia also succumbed as Citigroup looked set to acquire it after share prices plummeted, while the nationalisation of discount mortgage agencies Fannie Mae and Freddie Mac, the collapse of Lehman Brothers (which effectively had the tacit permission of the Federal Reserve) and the bailout of AIG had earlier dominated newsflow across the globe.