Dow Climbs To New High -- What's Going On? February 24, 2021

Updates

March 8, 2021: rising interest rates are a good sign for stocks -- managing editor, Yahoo!Finance.

Original Post 

On Sunday, February 21, 2021, just a few days ago, I wrote:

When I last watched CNBC the new meme: rising interest rates (10-year Treasuries and 30-year Treasuries) will put a damper on stocks. That's true for the short term, let's say from six months to a year; that's not true over the long term, let's say fifteen to thirty years. There's a difference between trading and investing.

Well, so much for that "damper." LOL

FOMO? I don't think so. 

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Saudi Arabia Borrows At Negative Rates

Speaking of interest rates, this is amazing: from The WSJ, Saudi Arabia borrows at negative rates:

The recovery in oil prices has boosted investor appetite for Saudi Arabian government debt abroad, allowing the kingdom to borrow at negative interest rates for the first time. 

The kingdom raised €1.5 billion, equivalent to $1.8 billion, through a bond sale on Wednesday (February 24, 2021). The yields were minus 0.057% for three-year debt and 0.646% for nine-year, the cheapest borrowing costs it has achieved to date. It was the second time it has issued bonds in euros.

One wonders if US shale companies can start raising cash by selling bonds with negative rates. LOL.