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Feb 26, 2013, 08.32 AM IST | Source: Moneycontrol.com

US markets tumble on concern over Italy's election results

In the US market, stocks kicked off the week with a big thud as all three major indices dropped more than 1 percent across the board as investors remained concerned over Italy's election results.

US markets tumble on concern over Italy's election results

In the US market, stocks kicked off the week with a big thud as all three major indices dropped more than 1 percent across the board as investors remained concerned over Italy's election results.

The S&P 500 broke below 1,500 and the Dow declined more than 200 points, retreating from its fresh multi-year high. The CBOE volatility index surged more than 30 percent to trade near 19.

In key data to watch out for in the US today, new home sales are expected to come in higher at 381,000. Consumer confidence index is seen at 61. Also watch out for data from S&P Case-Shiller home price index and federal reserve chairman Ben Bernanke is slated to trek up to capitol hill for his biannual congressional  testimony.

In the currency space, the euro slips to a 6-week low versus the dollar, below 1.31. The dollar index inches close to the 82 mark.

In commodities, Brent crude hovers around USD 113 levels.

From the precious metals space, gold is towards USD 1600 levels.

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