Apple briefly passes ExxonMobil for largest US market cap

As we reported earlier today, Apple (AAPL) shares were up to US$367.91. At that price, for a few moments, Apple was "worth" $342 billion (overall market capitalization) while ExxonMobil (XOM) was at $341 billion with a $70.71 share price. That made Apple -- briefly -- the world's most valuable company.

Once the market closed, however, Exxon was worth a whopping $352.90 billion, and Apple closed with a market cap of $347.10 billion. Not bad for either of them.

The markets have obviously been volatile this week and last, leading to large losses for both companies' stocks, but Apple has managed to recover more today than Exxon, leading it to overtake the oil giant, if briefly. Apple is currently off about 8% from its all-time high of $404 a share, but ExxonMobil is off nearly 20% for its $88 high. Given that oil prices are continuing to fall, it looks like Apple could yet pull ahead for some time to retain the title "Most Valuable Company in the World."