NEW YORK — Apple briefly surpassed Exxon Mobil on Tuesday as the nation's most valuable company.

The iPhone and iPad maker had the lead for much of the afternoon before its stock closed just behind Exxon's. The two companies are so close that Apple is likely to keep the top spot soon.

Apple Inc.'s stock gained 5.9 percent to $374.01 on Tuesday, bringing its market capitalization to about $347 billion.

Exxon Mobil's stock closed up 2.1 percent at $71.64. That gives the oil company a market cap of $348 billion. Its stock was down earlier in the day, allowing Apple to take the lead.

Other big-name corporations, such as Wal-Mart and General Electric don't come close. Apple overtook Microsoft, the previous No. 2, just last year.

“Exxon obviously sells a product that people need. Apple sells a product that people want,” said Brian Marshall, an analyst with Gleacher & Co. who follows Apple.

Exxon, which set a record in 2008 for the highest quarterly earnings by any company, has limited growth prospects, which are driven by oil prices and discovering new oil. It's growing, but not as quickly as Apple.