Banking Index Rallies to 8-Month High, BofA Crosses $9

A Bank of America branch.
Nell Redmond
A Bank of America branch.

Financial stocks led the way Thursday, as Bank of America crossed the $9 mark.

Shares of Bank of America rose to their highest level since Aug. 8, and are currently trading 20 percent above their 50-day moving average.

The stock is up 82 percent from the close of $4.987 on Dec. 19, its lowest price since March 2009.

Similarly, the PHLX KBW Banking Index spiked to an eight-month high.