np.nditer

>>> def iter_add(x, y, out=None):
...    addop = np.add
...    it = np.nditer([x, y, out], [],
...                [['readonly'], ['readonly'], ['writeonly','allocate']])
...    with it:
...        while not it.finished:
...            addop(it[0], it[1], out=it[2])
...            it.iternext()
...        return it.operands[2]