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With the advent of online social networking services and South Korean TV shows, the current spread of K-pop and South Korean entertainment, known as the Korean Wave, is seen not only in East Asia and Southeast Asia, but also in Pakistan, Bangladesh, India, Latin America, North Africa, Southern Africa and East Africa, the Middle East and throughout the Western world, gaining an international audience. After a slump in early idol music, from 2003, TVXQ and BoA started a new generation of K-pop idols that broke the music genre into the neighboring Japanese market and continue to popularize K-pop internationally today. Modern K-pop "idol" culture began in the 1990s, as K-pop idol music grew into a subculture that amassed enormous fandoms of teenagers and young adults. Their experimentation with different styles and genres of music and integration of foreign musical elements helped reshape and modernize South Korea's contemporary music scene. The more modern form of the genre emerged with the formation of the hip hop boy band Seo Taiji and Boys, in 1992. While "K-pop" can be a general term for all popular music from South Korea or pop music from the country, it is colloquially often used in a narrower sense for any Korean music and artists associated with the entertainment and idol industry in the country, regardless of the genre. Previously, South Korean pop music was called gayo ( Korean: 가요 Hanja: 歌謠). The term "K-pop" became popular in the 2000s. It includes styles and genres from around the world, such as pop, hip hop, R&B, experimental, rock, jazz, gospel, reggae, electronic dance, folk, country, disco, and classical on top of its traditional Korean music roots. The S&P index recorded one new 52-week high and 215 new lows, while the Nasdaq recorded nine new highs and 924 new lows.K-pop ( Korean: 케이팝 RR: keipap), short for Korean popular music, is a form of popular music originating in South Korea as part of South Korean culture. Federal Reserve policymakers to cut interest rates for the second time this month when they meet next week. Treasury hit a record low again, sending the rate-sensitive financials index down 9.8%. Underlining the broad-based tumble, declining issues outnumbered advancers for an 18-to-1 ratio on the NYSE and a 17-to-1 ratio on the Nasdaq. Oil majors Chevron Corp and Exxon Mobil Corp, fell more than 7%, each to hit multi-year lows.Īt 1:12 p.m. Wall Street's fear gauge, halted for the first half hour after opening, jumped to its highest level since the 2008 crisis. The S&P 500 has fallen 18% from its record high hit as recently as three weeks ago, and stands only about 3% away from moving into bear market territory, in one of the most dramatic swings ever.
The circuit breakers were adjusted in 2012 - the thresholds needed to trigger a trading pause were lowered and the S&P 500 replaced the Dow as the benchmark index. Trading was halted immediately after the opening as the S&P 500 tumbled 7%, triggering an automatic 15-minute cutout originally put in place to avoid a repeat of the "Black Monday" crash in 1987, when the Dow slumped nearly 23%. "It's a possibility right now that wasn't on the table until we had this oil plunge over the weekend."
"There is potential that we could be at the start of a financial crisis part two," said Dennis Dick, head of markets structure, proprietary trader at Bright Trading LLC in Las Vegas. The energy index plunged 18.2% to its lowest level since August 2004 and crude prices were on track for their worst day in three decades as Saudi Arabia and Russia moved to significantly ramp up production after the collapse of a supply cut agreement.Ĭompanies listed on the S&P 500 have now lost more than $5 trillion in value in a sell-off sparked by fears that the coronavirus epidemic could tip the global economy into recession.