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Apple Passes Exxon As Most Valuable US Company

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(credit: Scott Olson/Getty Images)

(credit: Scott Olson/Getty Images)

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LOS ANGELES (CBS/AP) — Who doesn’t own an iPhone, iPad or iPod? According to recent stock data, Apple not only dominates the electronics market, but the tech giant has surpassed Exxon Mobil as the most valuable company in the U.S.

CNET’s Senior Editor Dan Ackerman Chats with KNX 1070

Apple Inc.’s stock gained 3.2 percent to $364.60 on Tuesday afternoon, bringing the iPhone and iPad maker’s market capitalization to about $338.0 billion

Exxon Mobil Corp. shares, meanwhile, were trading at $69.45, down nearly 1 percent. That gives the oil company a market cap of $337.7 billion.

Other big-name corporations, such as Wal-Mart Stores Inc. and General Electric Co., don’t even come close.

Apple has been on a roll with the soaring popularity of its iPad tablet computer and strong sales of the iPhone. Investors expect Apple to grow as long as it keeps making products that people want.

Exxon has limited growth prospects. Its growth is driven by fluctuating oil prices and discovering new oil.

(TM and © Copyright 2011 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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