Bank of America stock blasts past $10

Bank of America stock closed above $10 on Wednesday for the first time since July 2011, surging nearly 6 percent to close at $10.46.

The share price has now fully recovered from its slump in the late spring. After finishing 2011 as the worst performer in the Dow Jones Industrial Average, the Charlotte bank's stock climbed quickly in the first few months of the year. The bank's stock briefly topped $10 on March 26, but closed below the mark and soon  fell below $7.

Bank of America shares are now up 88 percent on the year.

CEO Brian Moynihan appeared on CNBC and at an investors conference in New York on Tuesday to tout the bank's improvement in capital and efficiency.