Shares of Citigroup Inc. traded above $5 for the first time since Jan. 14 after the New York Post reported, citing unnamed sources, that hedge fund manager John Paulson has been buying shares in recent weeks, acquiring about 2% of the company.

Citi's stock has been slammed in recent months. Despite an 86% increase in the past month, the shares are still off 72% in the past year. Citi's shares rose 9.1%, to $5.05, on Thursday.

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