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New King of the S&P 500: Apple

Apple Store
Flickr: hairygrumpy
Apple Store

Apple became the largest public company in the United States on Tuesday, surpassing the market capitalization of oil-titan Exxon Mobil.

Fifteen months ago, Apple surpassed Microsoft’s market value, becoming the second largest company in the U.S., currently claiming the title of largest stock in the S&P 500.

In doing so, the tech firm’s market capitalization of $339 billion has just eclipsed the value of oil-giant Exxon Mobil, standing at $337 billion.



This feat comes as crude oil has dropped nearly 20 percent over the past two weeks. During that period, ExxonMobil’s shares have sunk 17 percent as lower oil prices, concerns of slowing global growth and the broader market plunge have weighed on all of the major oil stocks (the NYSE Arca Oil index is down 19 percent since July 22).

In comparison, Apple’s stock is down less than 8 percent in the past two weeks – outperforming the broader tech sector, which has fallen nearly 12 percent. That follows Apple’s stellar earnings report last month and ahead of much-speculated new versions of its iPhone and iPad lines potentially this Fall.

It was just 10 years ago, when Apple’s stock was below $10 per share, considering it topped over $400 back in July 26 of this year. Standard & Poor’s Howard Silverblatt points out that a decade ago, Apple was the 287th largest stock in S&P 500.

Thanks to its innovative iPods, iPhones, and iPads, Apple’s shares and company value have experienced a meteoric rise over the past decade.

Since it introduced its first iPod back in October 2001, Apple has soared 3,951 percent. From the January 2007 announcement of its first iPhone, Apple’s stock has jumped nearly 300 percent. And in the 1.5 years since it unveiled its first iPad in January 2010, Apple is up 77 percent.

Source: CNBC Analytics (Year-to-date value as of 2PM EST)

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