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Apple officially becomes most valuable US company

August 11, 2011 12:00:00 AM PDT
Apple has officially become the most valuable company in the United States.

The maker of the iPhone and the iPad surpassed Exxon Mobil in market value on Wednesday. Apple's stock fell for the day, but Exxon's fell more.

Apple finished with a market value of $337 billion, beating Exxon's $331 billion. A single share of Apple stock now costs $363.

Experts attribute this to the recession-proof products made by Apple. In its latest quarterly report, Apple said stronger iPhone and iPad sales helped more than double its net income to $7.3 billion and grow revenue by 82 percent to $29 billion.

Companies that have reached the No. 1 spot in the past include General Motors and Microsoft.

The Associated Press contributed to this report.