Apple Overtakes Exxon as World’s Most Valuable Company

Market caps jockey for top spot during day's trading

Following yesterday’s stock market crash and today’s rally, Apple has surpassed Exxon as the most valuable company in the world, TechCrunch reports.

The companies have been in a back-and-forth all day, with Apple briefly surging ahead this morning before Exxon reclaimed the top spot. As of around 1:30 afternoon, Apple was ahead again, with the two companies separated by only $500 million – three weeks ago, the two had been a full $60 billion apart.

Both companies were hit hard yesterday, but Apple fared better than Exxon, whose share price dropped to $70 from $85 just three weeks earlier. And while Exxon’s stock remained down, Apple’s managed to rally.

Update: A late surge brings Exxon back into the top spot, closing the trading day at a $348.3 billion, to Apple's $346.7 billion.