Wal-Mart named America's largest company

US giant Wal-Mart Stores was today named as America’s and the world’s largest company, capturing the top spot on the annual Fortune 500 list.

Wal-Mart, number two on the list a year ago, traded places with oil giant Exxon Mobil in the rankings, compiled on the basis of companies’ annual revenue figures. The retailer’s ascendancy was expected after both companies issued their 2001 results earlier this year.