Apple Beat Exxon as Most Valuable Company with $338 Billion Dollars

Apple beat oil company Exxon Mobil to briefly became the most valuable business in America, with a jaw-dropping $338 billion dollars on Tuesday.

Exxon's stock was down earlier Tuesday, which allowed the Cupertino-based tech company to grab the top spot. Just last year, Apple took Microsoft's number two spot, and on Tuesday became the official most valuable company in America as the ipad, iphone and Macbooks continue to sell successfully.

Apple held the number one spot for most of the afternoon before its stock closed right behind Exxon's.

Steve Jobs' empire officially has more money than the U.S. Treasury, and $2 billion more than Uncle Sam's reserves, which stood at $74 billion at the end of July.

"Exxon obviously sells a product that people need. Apple sells a product that people want," said analyst Brian Marshall with Gleacher & Company.