It was a brief but glorious moment for Apple.
Tuesday on Wall Street, volatile market conditions saw Apple trading places with ExxonMobil for the distinction of being the world’s most valuable company.
In the wake of Monday’s cataclysmic plunge in equities, where the Dow Jones Industrial Average shed 636 points (the 6th worst day in Dow history), stocks proved mixed and volatile Tuesday, particularly between the dynamics of two huge but otherwise diverse stocks.
Early Tuesday afternoon, shares of AAPL rallied $15, bringing share prices back to the near $370 range. At that juncture, Apple became the most valuable company in the world.
And just as quickly, the magic ended.
So volatile is the trade on Wall Street today that Apple and ExxonMobil are trading places on a rapid – and some would say violent – basis when it comes to holding the title of the world’s most valuable company.
While shares of Apple accelerated, shares of ExxonMobile trailed most of the session. And given the energy market’s downturn in recent days, Apple continues to get the best of crude oil juggernaut Exxon.