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Wal-Mart Dethrones Exxon on Fortune 500

Wal-Mart, the world's largest retailer, has reclaimed its position as the largest corporation in the U.S. among the Fortune 500, pushing Exxon Mobil down to number two.

With more than $351 billion dollars in revenue, the magazine ranks Wal-Mart slightly ahead of the energy giant. Wal-Mart is on top for the fifth time in six years.

Oil companies have three of the top five spots, with Chevron at No. 4 and ConocoPhillips at No. 5, bumping Ford Motors to No. 7. Fellow auto giant General Motors came in at No. 3.

CNBC's parent General Electric took the sixth spot and was one of the most profitable companies in 2006. The others were Exxon Mobil, UAL , Citigroup and Bank of America.

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Rounding out the top ten on the list are: Citigroup (No. 8); Bank of America (No. 9); and American International Group (No. 10).

Fortune says Google is among the biggest movers. The online search leader has moved up more than 100 spots to 241. But in terms of one-year profit growth, the overall Internet sector fell from first to 48th.

Overall Fortune 500 revenue rose 8.9% from 2005 to $9.9 trillion, while overall profits surged 28.7% to $785 billion.

"American companies are enjoying the most sumptuously profitable period in the 500’s 53-year history," Fortune editor-at-large Shawn Tully said in a news release. "These happy numbers are largely due to a sort of harmonious convergence, a perfect economic calm. Virtually every conceivable force, from mild labor costs to a falling dollar to soaring productivity, has favored big companies."

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