What does broad-based index mean?

broad-based index meaning in Law Dictionary

n index made to reflect the activity associated with the marketplace all together. For example the S & P 500, the AMEX significant Market Index as well as the Value Line Composite Index.

broad-based index meaning in Business Dictionary

Securities marketplace index that reflects the motions of this marketplace overall, eg S&P 500, AMEX significant market index, and price line composite list.