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Apple Officially Worth More Than Oil

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Apple Officially Worth More Than Oil

Photo illustration: Mat Luschek

Photo illustration: Mat Luschek

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For a moment yesterday, Apple overtook Exxon as the most valuable public company, but Big Oil closed ahead.

That was yesterday.

Today, at the end of the day, Apple came out on top, officially.

On a day where most stocks were down, Apple pulled ahead, really only because their stock didn't fall as much as Exxon's.

Apple closed at $363.69 a share, down 2.7 percent, for a total market value of $337.17 billion, says VentureBeat.

Exxon closed at a total market value of $330.77 billion.

You can read yesterday's story below.

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It was only a matter of time before it happened and it happened: For a short time today, Apple was officially mightier than oil.

The Cupertino-based technology company was the country's most valuable company, surpassing Exxon Mobile.

While the move was only temporary, it is an indicator of what is to come and just how far, for Apple.

At around 10:22 a.m., Apple stock was trading just above $367 a share, which gave the company a valuation of more than $341 billion.

That number put Apple ahead of Exxon to become the world's most valuable, for a short moment. The numbers settled lower at close.

But Apple is now so close to Exxon, that the two companies are likely to trade places as the most valuable company.

But Apple has been on an upward climb for months, with analysts waiting to see when, and not if, it becomes more valuable than the oil giant.

Apple has ridden the success of devices, such as the iPad, to buck market trends and make money even in the face of a double dip recession and a volatile stock market.

Related Topics Apple, Exxon, most valuable company
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