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One place where Apple doesn't rank in the top 3

As one bullish Wall Street analyst hiked his valuation of Apple to $1 trillion on Monday, the iPhone maker was starting its third trading day among a group where it doesn't even land in the top five.

Ironically perhaps, Apple (AAPL), which replaced AT&T (T) in the Dow Jones industrial index as of Wednesday's close, has less sway in the moves of the 30-component index than it does on the S&P 500.

Apple ranks No. 1 by market value on the S&P 500, but on the price-weighted Dow, Apple started off in a more modest place among the index's 30 components, Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, calculated in a research note earlier in March.

"Bottom line is Apple has weight in the Dow, but it's not the giant it is in the S&P 500, so don't expect its impact to be the same in either direction."

Goldman Sachs (GS) took over the No. 1 weighting position on the Dow, with 7.01 percent, after Visa's (V) 4-for-1 stock split took the credit card company out of the top position. 3M (MMM) is in the second spot, with a 6.18 percent weighting, followed by IBM (IBM), at 5.95 percent, and Boeing (BA), at 5.7 percent.

Apple entered the index in the fifth position, accounting for 4.66 percent, "even as it is the largest publicly traded issue by market value in the world," Silverblatt wrote. The shares were trading higher on Monday afternoon, up 1.1 percent to $127.32.

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