As a measure of the market return, the text uses

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The S+P 500 is one of the most widely recognized benchmarks for the overall stock market performance in the United States. It includes 500 large companies listed on the New York Stock Exchange (NYSE) or NASDAQ and represents about 80% of the total market capitalization of the US stock market. Therefore, it is a suitable measure of the market return. The other options, such as Value Line, New York Stock Exchange Index, and Wilshire Index, may have limitations such as smaller sample sizes or industry-specific focuses.

As a Measure of the Market Return, the Text Uses