Wall Street tumbles over Italian political crisis

The S&P 500 and Dow Jones Industrial Average recorded near three-week lows on Tuesday over the ongoing political crisis in Italy, according to Reuters.

Meanwhile, the financial markets in Europe saw a second day of heavy selling due to fear that repeat elections may actually become a referendum of Italian membership of the Euro zone.

Prices of U.S. 10-year Treasury bonds, traditionally a safe haven for capital at times of global political stress, rose and yield fell to their lowest level since mid-April at 2.8767 percent.

That pushed down shares of major U.S. banks. Citigroup, JPMorgan and Goldman Sachs fell between 1.7 percent and 2.4 percent.

A former official of the International Monetary Fund (IMF) was appointed as interim prime minister with the task of planning for snap polls and passing the next budget.

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