The Dow sinks, snapping its longest run since 1987

The Dow slipped on Thursday, snapping a 13-day winning streak.

The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow's longest run of consecutive gains since May 1897.

If the Dow had closed higher Thursday and Friday, it would have notched 15 days of gains, its longest daily winning streak ever.

But the index's run was at historic levels before it was cut short Thursday: On Wednesday it notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022.

The Dow, up roughly 6% for the year, has rallied in recent weeks as cooler-than-expected inflation data has investors more optimistic that a soft landing, or no recession, could be in the cards for the economy.

That, in turn, has spurred investors to snap up shares of cyclical stocks, or shares of companies that are sensitive to the economy.

Strong earnings and investor optimism about tech - particularly fueled by interest in AI - has also helped stocks pick up steam throughout the year. The Nasdaq initially surged Thursday, boosted by a stronger-than-expected quarterly financial report from Meta Platforms, before sliding.