Apple Trading Places with Exxon on Wall Street Today for Globe's Biggest Market Cap
Following a catastrophic Monday on Wall Street, which saw the Dow Jones Industrial Average shed 636 points (the 6th worst day in Dow Jones history), markets have come roaring back at mid-day on Tuesday. And Apple is among the day's biggest winners. Just how big was Apple's (still ongoing) share price comeback? On the session, AAPL is up approximately $15, bringing share prices back to the near $370 range.
As a result of the buying momentum, which was not shared equally across all markets, Apple became the most valuable company in the world... for a minute or two.
So volatile is the trade on Wall Street today that Apple and ExxonMobil are trading places almost on a minute-by-minute basis when it comes to the world's most valuable company. You see, while shares of Apple are exploding, shares of ExxonMobil are flat or unchanged. And given the energy market's downturn in recent days, a hot tech stock like Apple is getting the best of crude oil giant Exxon this morning.
By the end of the session, however, it's difficult to say which company will be on top (Apple sits at roughly $341.55 billion in valuation while Exxon sits at $341.42 billion in valuation.) The next three hours could see both companies swap places in first numerous times.
The real question, obviously, is which will remain on top in the weeks and months ahead.