Also, click on the triangle (open) at the bottom of the column showing the view/objects/placeholder/window. Then you have the full hierarchy of objects, like from IB, and can rearrange by dragging.
I know originally, this question was for Xcode 4, but it is linked from a Google search.
In Xcode 5, 6, and 7, you can still go to the Editor menu and select and move the items around.
But you can also rearrange by simply changing the order in the document outline.
They're in reverse z-index order: the top of the list is the back of the stack, the bottom of the list is the front. Simply drag your UI item to the bottom to bring it to the front.