Italian political turmoil is roiling banking stocks on Wall Street. 

Italian President Sergio Mattarella threw the country into turmoil after rejecting his coalition government's choice for finance minister. The president's rejection means that the country faces an interim government before a set of fresh elections begins later this year. 

The euro fell toward $1.15 for the first time in nearly a year, down 0.8% on the day. Against the Swiss franc, the European Union's currency fell to 1.15 francs. 

The Dow Jones Industrial Average  tumbled 460 points, or 1.86%, to 24,292, the S&P 500 fell 1.43% and the Nasdaq declined 0.76% at midday on Tuesday.

Bank stocks were bearing the brunt of Tuesdays' selloff.

JPMorgan Chase & Co. (JPM) shares were down 4.5% to $105.68.

Bank of America Corp. (BAC) shares were down 4.1%.

Citigroup Inc. (C) shares were down 4.2% to $65.56. 

Goldman Sachs Group Inc. (GS) shares were down 3.7% to $226.25. 

JPMorgan Chase, Citigroup and Goldman Sachs are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

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