Italy's political crisis roils Wall Street

U.S. stock indexes slumped on Tuesday led by bank stocks, as a deepening political crisis in Italy triggered a rush to safe-haven assets.

The blue-chip index fell below its 50-day moving average, a key technical level that represents short-term momentum, for the first time since May 9, while the S&P 500 is only a few points away from breaching that level.

Dow Jones Industrial Average fell 428.83 points, or 1.73 percent, to 24,324.26, the S&P 500 lost 37.3 points, or 1.37 percent, to 2,684.03 and the Nasdaq Composite dropped 61.40 points, or 0.83 percent, to 7,372.45.

Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur