Walmart’s market capitalisation has surpassed $1tn, putting the largest US retail chain in an exclusive club dominated by tech groups.
The Arkansas-based company reached the milestone on Tuesday, capping a rally in which its shares have more than doubled in the past two years, outpacing the blue-chip S&P 500 index.
Walmart has spent tens of billions of dollars to develop an ecommerce business that is now a credible competitor to Amazon. Annual ecommerce sales are expected to total about $140bn when it reports results this month. Its online business became profitable last year.
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