Apple passes Exxon as most valuable US company

NEW YORK (AP) — Apple has surpassed Exxon Mobil as the most valuable company in the U.S.

The milestone occurred shortly before 2 p.m. today.

Apple Inc.'s stock gained 3.4 percent to $365.10 this afternoon, bringing the iPhone and iPad maker's market capitalization to about $338 billion.

Exxon Mobil Corp. shares, meanwhile, were trading at $69.23, down 1.4 percent. That gives the oil company a market cap of $337 billion.

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

Exxon, which set a record in 2008 for the highest quarterly earnings by any company, has limited growth prospects. Its growth is driven by oil prices and discovering new oil.