The S&P reflects a more accurate picture of how the market is doing overall, but is in no way totally accurate. Less famous indices, such as the Wilshire 5000 or the Value Line Index, can be referred to for more detail. When rating a stock, or a stock mutual fund, it needs to be compared vis-a-vis with one of these indices. This gives a broader market view and helps to broaden the breadth of an investor's awareness.