Apple Briefly Became Second Most Valuable Company
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Apple Inc. briefly overtook PetroChina Co. to become the second-biggest company in the world by market value, lifted by investors betting on growth prospects for the iPhone, Macintosh and iPad.
Apple climbed as high as $292.76 in intraday trading on the Nasdaq Stock Market, giving it a market value of $267.5 billion, the second-highest company behind Exxon Mobil Corp. By 4 p.m. New York time, Apple slipped to $288.92, putting the company’s value at $263.9 billion, less than PetroChina’s $265.5 billion valuation.