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Correction: 10-year Treasury yield dips below 1.9% for the first time since October 2014

U.S. Markets Overview: Treasurys chart

U.S. government debt prices spiked on Tuesday as the price of oil price continued its free-fall, Greece prepares for a snap general election that will determine its future in the euro zone, and fears over global growth persist.

The 10-year benchmark Treasury note yield touched a session low of 1.8870 percent, it lowest since October, as investors looked to a perceived safe haven. The 10-year yield was last at 1.90 percent, up 1 6/32 in price, after closing at 2.037 percent on Monday.

Price gains were strongest in 30-year bonds, which were last up 2 19/32 after their yields touched fresh session lows of 2.48 percent.

The long bond, which last yielded 2.49 percent, ended 2014 with a yield of 2.753 percent and has produced a total return of nearly 3 percent during this year's first two trading days, as big investors reallocate holdings out of riskier sectors such as equities.

Last January, according to Reuters data, the 30-year had its best first month of the year since at least 1997, with a total return of 6.2 percent.

Over the weekend, a report in German magazine Der Spiegel said that Chancellor Angela Merkel's government was prepared for a Greek exit from the euro zone. There is no trading in Greek assets on Tuesday due to a public holiday.

Oil prices also continued to fall, with U.S. crude trading below $49 a barrel while Brent crude lost around $1.3 during the morning session and was at $51.60 a barrel in early trade.

U.S. stocks fell on Tuesday in choppy trading, extending losses a day after Wall Street suffered its biggest drop since early October as data showed the pace of growth in the U.S. economy had slowed.

After unexpectedly strong third-quarter economic growth, data on Tuesday pointed to slowing growth in the fourth quarter as the pace of expansion in services moderated, while new orders for manufactured goods fell for a fourth consecutive month.

CNBC contributed to this report.

(Correction: 10-year Treasury yield dips below 1.9% for the first time since October 2014, not May 2013)

Treasury yields plunge