July 14, 2008: Financial authorities step in to assist America's two largest lenders, Fannie Mae and Freddie Mac. As guarantors of $5 trillion worth of home loans, they are crucial to the US housing market and authorities agreed they could not be allowed to fail.
On July 15 Sensex tumbled by 654.32 points at 12,676.19, a level last seen on March 6, 2008.
September 5, 2008: US unemployment rate rose to 6.1%.
September 7, 2008: Mortgage lenders Fannie Mae and Freddie Mac -- which account for nearly half of the outstanding mortgages in the US -- were rescued by the US government in one of the largest bailouts in US history.
On September 8 the Sensex rose by 461 points.
September 10, 2008: Wall Street bank Lehman Brothers posted a loss of $3.9 billion (£2.2 billion) for the three months to August.
Sensex traded in the negative and ended down 339 points at 14,339.
Image: The U.S. Securities and Exchange Commission in Washington, DC | Photograph: Somodevilla/Getty Images
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