Wall Street couldn’t decide what it liked better Tuesday: iPhones or oil.

For a brief moment, Apple surpassed Exxon Mobil for the coveted title of most valuable company in America, a stunning turnaround for a company that a decade ago seemed irrelevant.

A last-minute rally in Exxon’s stock put the oil titan back into first place, but analysts expect the battle for the crown is far from over.

Apple’s stock closed up nearly 6 percent Tuesday, at $374.01, bringing the company’s total value to $347 billion. Shares of Exxon rose 2 percent, to $71.64. It is valued at $348 billion.

That Apple could challenge Exxon is a testament to Americans’ love affair with their personal electronics. The nation’s economy may rely on fuel to transport goods and power industry, but Apple products have become the funnel for America’s entertainment, from movies to music to Facebook. It also speaks to investors’ faith in legendary Apple chief executive Steve Jobs.

“This shows the power of consumer technology, how it has been adopted and how Apple has changed how consumers do everything,” said Michael Gartenberg, technology analyst for Gartner, a research and consulting firm.

Apple has become a stalwart in the portfolios of investors. More than 70 percent of its shares are owned by institutional investors and mutual funds. In comparison, only half of Exxon’s stock is owned by such groups.

Vanguard Group, which specializes in retirement portfolios, is one of the Apple’s largest shareholders. TD Ameritrade said Apple was its most traded stock last week and is often among the top 10 for its 8 million clients.