TPM has put up the above chart of Obama’s approval rating titled, “Anatomy Of A Come Back.”
In the accompanying post, Kyle Leighton explains how in the fall, Obama successfully won the payroll tax cut fight, and took advantage of GOP squabbling, while at the same time the GOP started to bash each other in the primary. Thus his approval rating came surging back.
That all may be part of it, but here’s our idea.
Obama’s approval rating comes down basically to one thing: The stock market.
The below chart takes a weekly look at his approval rating done by Gallup vs. the daily level of the S&P 500.
The lines basically move together perfectly. THIS is why the President is coming back.
Photo: Business Insider
(Thanks to TPM’s Callie Schweitzer.)
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