Stock Market Power Rankings: Microsoft Parties Like Its 2002

Each week, I'm ranking the biggest companies that trade on U.S. exchanges based on their size ( market capitalization), momentum (total return over the past year), and recent news. Before we get to the rankings, a quick word on a major player.

There was a moment this past week when Microsoft (NASDAQ: MSFT) became the world's most valuable company in terms of market capitalization. The software giant's ascending stock price, coupled with Apple 's (NASDAQ: AAPL) sharp correction, made them passing ships in this volatile market.

Not since 2002 has Microsoft closed out a year as the country's market cap leader. The gap between the two tech legends that was more than $250 billion at Apple's peak two months ago, and as little as $30 billion a week ago, had Microsoft on top at the end of the latest trading week by less than $4 billion.