Apple has jumped from 56th to 35th place in the Fortune 500 rankings .
Top of the pile was Wal-Mart Stores but in terms of technology companies, only HP was placed ahead of Apple in 11th place. Microsoft ranked 38th, Dell 41st and Intel took Apple's 2010 slot of 56th place.
The snapshot for Apple focuses on Apple's ability to inspire loyalty among its customer base and to attract new customers in new markets.
According to Fortune: "The company not only continues to expand its reach in existing markets, it also keeps creating new ones. Take the iPad, which showed the world the power of tablet computing when it was introduced last year. iPad 2 followed, and was one of the most highly anticipated electronic products this year."
Fortune also dismissed concerns over the health of Apple CEO Steve Jobs.
"Jobs' appearance at its debut in March reassured shareholders worried about his most recent medical leave. Regardless of who's in charge, though, investors have plenty of reason to believe Apple's magic spell on consumers can continue," it said.
The Fortune 500 is an annual list of the top 500 US companies, ranked by their gross revenue after adjustments to take exise duties into account, published by Fortune magazine.