Long Market Value
The aggregate worth, in dollars, of a group of securities held in a cash or margin brokerage account, calculated using the prior trading day's closing prices of each security in the account.
Investopedia Commentary
The long market value figure includes most common investment vehicles, but excludes commercial paper, options, annuities and precious metals. Convention dictates that if there is no previous closing price available for a given asset to be included in the calculation, a third party valuation or previous bid price can be used.
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See also: Broker, Closing, Margin, Margin Account, Option, Previous Close, Security