Citigroup Reaches Highest Level Since January 2009

Citigroup Inc C shares are trading higher by $1.70 (2.7 percent) at $63.58 in Thursday's session.

It's rallying with other stocks in the banking sector. Earlier Thursday morning, Wall Street Journal wrote, "Citigroup, the last truly cheap major bank in the U.S., is approaching two key turning points that should help its shares close in on a better valuation."

Separately, House lawmakers are poised to pass regulatory reform on Thursday, "effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration."

After a slightly lower open, Citigroup found support just under Wednesday's close ($61.88) at $61.73 and began to move higher. It easily surpassed it former high for move of $62.69, so far reaching $63.65 as of 1:30 p.m. ET.

That marks the highest level for the issue since January 2009.