Bank of America (BAC) shares surged 5.02% in intraday trading on Wednesday, outperforming the broader market and reversing recent losses in the banking sector. The stock's impressive rally comes amid positive comments from CNBC's Jim Cramer and growing anticipation for the bank's upcoming first-quarter earnings report.

Jim Cramer, speaking on CNBC's Squawk on the Street, dismissed comparisons between the current market environment and the 2007 financial crisis. Referring specifically to Bank of America, Cramer stated, "It's not 2007. That's the only time you should have sold. It's not." This vote of confidence from the prominent market commentator appears to have boosted investor sentiment towards the banking giant.

The surge in Bank of America's stock price also comes as investors look ahead to the company's Q1 earnings report, scheduled for next Tuesday. According to Bloomberg's estimates, the bank is expected to report revenues of $20.8 billion and an adjusted EPS of $0.82. While these figures represent a slight year-over-year decline, they suggest resilience in the face of recent market volatility. Investors seem to be positioning themselves ahead of the earnings announcement, anticipating potential positive surprises or optimistic forward guidance.

Today's rally marks a significant turnaround for Bank of America and the broader banking sector, which had experienced sell-offs in recent sessions due to concerns over US-China trade tensions and their potential impact on the economy. The stock's strong performance suggests that investors are regaining confidence in the financial sector's ability to navigate current market challenges and deliver solid results.