The Dow just hit 40,000. Here’s a look at how it got here.

The Dow Jones Industrial Average reached a milestone Thursday that seemed unfathomable a year ago.

The 30-stock benchmark broke above 40,000 for the first time. The move comes as investors cheer the prospects of artificial intelligence boosting corporate profits and the Federal Reserve possibly cutting rates later this year as inflation eases further from its pandemic highs.

It’s been a long and winding road for the Dow to climb to these levels. Here’s a look at the Dow’s trajectory over the past 20,000 points.