Apple passes Exxon as most valuable U.S. company

Apple briefly surpassed Exxon Mobil as the most valuable company in the U.S. Tuesday afternoon before settling back slightly lower.

Apple Inc.'s stock gained 5.9 percent to $374.01 on Tuesday, bringing the iPhone and iPad maker's market capitalization to about $347 billion when the market closed.

Exxon Mobil Corp. shares, meanwhile, closed up 2.1 percent at 71.64. That gives the oil company a market cap of $348 billion as of the market's close, AP reported.