Major Market Index

An index of 20 stocks in different industries. Its composition is very similar to the Dow Jones Industrial Average. The Major Market Index is considered an important benchmark, though it is not as widely known as the DJIA. Its ticker symbol is XMI and it is managed by the American Stock Exchange.

Major Market Index

An index of 20 bellwether stocks that closely tracks changes in the Dow Jones Industrial Average. Nineteen of the stocks in the Major Market Index are also included in the Dow Jones Industrial Average. The Major Market Index is used primarily by program traders who take a long or short position in the stocks included in the index and the opposite position in a futures contract on the index. The Major Market Index was developed in 1983 by the American Stock Exchange.

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The Nasdaq composite index, the major market index most heavily populated with technology issues, fell 140 points, or 8.