Apple has achieved the status as the most valuable company in the world -- as the U.S. stock market continued its volatile ride.

Apple replaces Exxon-Mobil – which had the status as the most valuable publicly traded company for five years – based on market capitalization.

Both Apple and Exxon Mobil shares declined on Wednesday, but Exxon ended the day dropping more, according to media reports.

Apple dropped some 2.3 percent to $363.69 at 4 p.m. on Wednesday (ET) on the Nasdaq Stock Market, according to Bloomberg.

Exxon had a market value of $330.8 billion, compared with $337.2 billion for Apple at the close of U.S. markets, Bloomberg added.

On Tuesday, Apple surpassed Exxon in trading for the first time, Bloomberg said, but the end of the day led to Exxon Mobile edging out Apple.

MarketWatch reported that Apple “was in positive territory throughout Tuesday’s session, as buyers swooped in after a $20-a-share decline in the midst of Monday’s marketwide washout.”

Exxon’s market capitalization at the close Tuesday was $348.3 billion, according to FactSet, compared to Apple’s $346.7 billion, the International Business Times reported.

Apple was helped out after a report from the European Union said that it had banned imports of Samsung’s Galaxy Tab into most EU member countries, MarketWatch said. Apple and Samsung are competitors in tablet computers and are engaged in legal battles.

Shares of Apple increased 13 percent in 2011, helped by sales of the iPad and iPhone devices, and trade with China.

In addition, MarketWatch said that Apple getting the milestone as being the most valuable company would help vindicate past efforts by CEO Steve Jobs.

Jobs, who co-founded Apple when he was 21, was fired by the board in 1985. He came back to the company 12 years later, when Apple faced $1.86 billion in losses – and was close to bankruptcy.

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