Apple Briefly Tops ExxonMobil in Market Cap

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Apple briefly surged past ExxonMobil on Tuesday to become the largest U.S. company in terms of market value.

The California gadget-maker surpassed the oil giant in market capitalization shortly after mid-day but ExxonMobil ended the day worth more than Apple.

ExxonMobil gained 2.07 percent on Wall Street on Tuesday to close at $71.64 for a market cap of $352.9 billion.

Apple was up 5.89 percent to close at $374.01 for a market cap of $346.74 billion.

Apple dethroned software giant Microsoft in May of last year to become the largest U.S. technology company in terms of market cap -- the number of shares outstanding multiplied by the stock price.

Apple stock has risen steadily over the past few years as chief executive Steve Jobs piloted the release of a string of hit products starting with the iPod in 2001, followed by the iPhone in 2007 and the iPad last year.

Oil prices tumbled again Tuesday after the Federal Reserve said it would keep interest rates exceptionally low for another two years to help prop up slower than expected U.S. economic growth.

New York's main contract, West Texas Intermediate light, sweet crude for delivery in September, closed at $79.30 a barrel, down $2.01 from Monday's closing level.

In London, Brent North Sea crude for September shed $1.17 to settle at $102.57 a barrel.