Apple overtakes Exxon Mobil as most valuable company

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Apple overtook Exxon Mobil as the world’s most valuable company for the first time Tuesday, as the computer company’s stock continued to defy a slowing market.

The market value of the consumer electronics giant was $50 billion away from overtaking that of the oil titan when it reported yet another quarter of record-breaking earnings on July 19.

The changing of the guard is due in part to a market slowdown that has depressed oil prices and taken Exxon Mobil stock down significantly. But the switch is also a testament to Apple’s gravity-defying growth.

Full story: Apple overtakes Exxon Mobil as most valuable company