Apple overtook Exxon Mobil with the biggest market value

Last Updated on Wednesday, 10 August 2011 18:51 Wednesday, 10 August 2011 10:46

Written by China Times

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Apple Inc. (AAPL) surpassed Exxon Mobil Corp. (XOM) as the U.S. company with the biggest market value on Tuesday. Until the closure, the market value of Apple exceeded Exxon Mobile by 500 million dollar.

During the previous weeks, Exxon Mobile had been ahead of Apple by a valuation gap of 50 billion dollaer. However, due to the turmoil of oil market, the oil giant could not keep its advantage any more.

While the claim to biggest market value is largely symbolic, the action reflects the premium that investors have assigned to Apple's stock, as well as the toll of the recent market turmoil on Exxon's. Spokesmen for Apple and Exxon didn't immediately respond to requests for comment.