An earlier rally in stocks on Tuesday faded away completely, leaving stocks barely in negative territory and once again benefiting banks. The yield on the 10 year treasury note fell again, closing below the 1.9% mark for the 1st time in 20 months. This thanks to yet another drop in the price of oil, now around $45 a barrel and the continuing uncertainty about the global economic growth. Conforming no point 30 year fixed rates average 3 5/8ths with 15 year rates closer to 3%
And now for something completely different… Did you know that in Dubai, the Burj Al Arab Hotel offers all its in house guest, a 24 carat gold iPad? The guest get to keep it for the duration of their stay and use it as a virtual concierge.
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This is Mehran Aram with today's ARAMCO Report.