The index bled 160 points to close out the month.

As January comes to a close, investors are still picking up the pieces after a decidedly unpleasant month. The S&P 500 in particular is on track for the worst showing it’s seen in at least two years due to the ongoing supply chain issues and the twin problems of inflation and Federal Reserve rate hikes. Unfortunately, it’s counterpart indexes aren’t doing much better.

As trading opened for the last time in January this morning, the Dow Jones bled 160 points, or about 0.5% of its total value. Not unlike the S&P 500, the Dow is on track for its worst performance since 2020 after dropping a total of 4% in value over the course of the month. Even so, investors are trying to remain optimistic, not just about their stocks, but about the state of the economy in general.

“This all kind of results in additional market volatility until investors digest this transition period,” Michael Arone, chief investment strategist at State Street Global Advisors, said in a note to investors. “On the other side of this, the economy should continue to expand, earnings are pretty good. That’s enough to sustain markets, but I think they’re adjusting to the shift in monetary policy, fiscal policy and earnings.”

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“Mostly, this week will be all about whether the correction low is already in or whether last Monday’s intra-day low is again challenged and breached,” said Jim Paulsen, Leuthold Group chief investment strategist. “The longer the S&P stays above last Monday’s low or moves even further away on the upside, the more that calm will return and fundamentals may again start to dominate emotions in driving the market.”