Stocks fell drastically on Thursday as investors showed fears of a deeper economic slowdown and a debt crisis that is now spreading quickly through Europe. Apple, one of the best-performing stocks of the year, also took a hit.
But it took less of a hit than others. So, Apple is now only $16 billion shy of passing Exxon Mobil, the energy company, as the most valuable company in terms of market capitalisation.
At market close, Apple’s stock had fallen $15.20, or 3.87 per cent, putting its market capitalisation at $350 billion. Exxon Mobil fell $3.88, or 5 per cent, for a market capitalisation of $366 billion.
This is a drastic change from two weeks ago, when Apple was $50 billion shy of being crowned with the title of the world’s most valuable company.
©2011 The New York
Times News Service