The technology company, Apple, has been revealed as the most valuable company in the US, as stock markets experienced another day of change Wednesday. The market capitalization of the company had overtaken that of the petrol company Exxon Mobil, having been in second position since May 2010.
The company had passed Exxon briefly on Tuesday only to drop behind the oil giant again just before the markets closed. Wednesday, the company was able to close on top.
This comes despite a decrease in shares, with the value falling 2.8% to $363.69, with a total of $337 billion (£209 billion). Exxon is currently worth a total of #331 billion after falling 4.4% per share.
Exxon had been the most valuable company for roughly six years, beginning in 2005. Stock fell that 4.4% to close the trading day at $68.03. Apple had overtaken Microsoft in May of last year to gain its second position spot, which it held for just over a year.
The petrol company has limited growth as it needs oil prices and new discovery in order to profit. Apple, on the other hand, comes up with product after product. The company introduces a new product roughly every three years. The iPad launched in 2010. This means a new product would be created for 2013, if the trend continues. This does not include updates to products, which happen more frequently.
This news comes at the same time as news suggesting Apple has more money than the US government, and would not be in the deficit position of that, and many other struggling countries. Technology has become the new way to earn money, with consumers willingly spending money on these products more than any other.
Apple especially tends to create products that become trendy and sell quite well. The company is also very innovative. With these two traits put together, it comes as no surprise that the company has finally made it to the top of the markets, especially after several years of climbing up the ladder. Additionally, products are expensive, making the company massive amounts of money and increasing the value of the shares.