Stocks, Exxon Mobil | featured news

Investors seem to think you want an iPad more than oil, as Apple Inc. became the most valuable company in the United States, surpassing Exxon Mobil Corp. on Wednesday.

Apple Inc briefly edged past oil major Exxon Mobil to become the most valuable company in the United States after days of volatile stock market action.

Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. The reason it’s above $100 a barrel, Tillerson explained, is due to the oil majors using futures contracts to lock in current high prices, and speculation that is engineered by the high-frequency trading of quantitative hedge funds.

Rising oil prices and better-than-expected earnings from Exxon Mobil boosted energy companies.

Investors were relieved to see Abu Dhabi's $10 billion rescue of Dubai, while acquisition plans announced by Exxon Mobil helped lift the energy sector.