Just as the 1929 crash and its aftermath destroyed Hoover's presidency, so the ascent of the US stock market, from late 1994 to the summer of 1998, made Clinton's reputation. In late 1994, with the S&P index around 450, fewer than 40% of those polled approved of Clinton's presidential performance. By the spring of 1998, with the S&P approaching 1200, Clinton's approval rating had risen to nearly 70%. Yet when the market dropped in August 1998, Clinton's approval rating fell back to 60%. By October 1998, both Clinton and the market had recovered. (Polls conducted by NY Times.)

— Edward Chancellor  

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