The IPad Trumps Oil: Apple Is Most Valuable US Co.

Wednesday, 10 Aug 2011 04:12 PM

 

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NEW YORK (AP) — Investors seem to think you want an iPad more than oil.

Apple Inc. became the most valuable company in the United States, surpassing Exxon Mobil Corp on Wednesday.

Apple briefly flirted with the top spot on Tuesday afternoon before settling back slightly below the oil giant. Wednesday marks the first time that Apple managed to stay No. 1 after the stock market closed.

Apple's stock fell 2.8 percent to close at $363.69, which brings the iPhone and iPad maker's market capitalization to $337 billion. Exxon's stock fell 4.4 percent to close at $68.03. That gives the oil company a market cap of $331 billion.

Exxon had been the most valuable company since 2005, and Apple only took No. 2 in May 2010 when it surpassed Microsoft Corp.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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