Oil prices also plunged and touched a 13-year low, dragging on the energy sector and broader U.S. markets as well.

Stocks continued their downward descent as poor economic data contributed to the market uncertainty. Additionally, the weak  earnings season kept pressure on U.S. markets.

The equities market finally began to inch higher in the last week of January as oil prices recovered slightly and some earnings surprises helped support a rally.

On the last day of the month, U.S. stocks surged to its best single-day gain in four months after the Bank of Japan implemented a negative interest rate to stimulate its economy, mirroring the European Central Bank’s monetary policy.

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Max Chen contributed to this article.