Some breaking news hitting us literally moments ago. It seems that after today’s trading, Apple, Inc. (AAPL: NASDAQ) is now worth MORE than Microsoft Corp. (MSFT: NASDAQ) on the S&P 500!

This is huge news. Apple was #3 this morning on the S&P 500, but after today’s trading, Apple has over taken Microsoft and is now #2 behind ExxonMobil Corp. (XON: S&P 500)!

Now, it came down to the final minutes of trading, when investors recieved this memo:

“It came right down to the trade, but AAPL has an index market value of $241,534 million and MSFT has a market value of $239,515 million – AAPL is #2. What a Job”

Great job Apple! Now, this doesn’t mean that Apple flat out has a bigger market capitalization than Microsoft becausethe S&P 500 is a “float adjusted market capitalization weighted” index.

What’s this mean? Well, the size of the market cap is adjusted to reflect the shares out in the public float. That includes those that are available for the public to trade and not locked up in employee options, for example.

Either way, this is huge news. Most of the gains today were due to Apple’s insanely great quarterly earnings, they had their best “non-holiday” quarter ever as well as rumors circling that Apple is getting set to buy ARM.

Well, congrats Steve Jobs. You ave once more proved that you are the greatest CEO in the world. 🙂