Some financial analysts believe that the election of a Republican president is good for the stock market. To test this claim, one study (155) recorded the ten-year growth in Standard & Poor€™s index following each election of a new president. The results are given in the table below.

Is the higher average for the Republicans statistically significant? Test at the 0.01 level. Do not assume the variances are equal.

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Democrats Republicans Winner S&P Growth Winner S&P Growth Roosevelt 36 22.4 Eisenhower '52 45.7 Roosevelt 40 24.0 Eisenhower 56 28.6 Roosevelt 44 38.0 Nixon '68 Truman '48 Kennedy '60 21.2 Reagan '80 Johnson 64 Carter 76 Clinton 92 Clinton 96 23.8 14.2 18.8 50.3 40.1 52.4 45.7 Nixon 72 17.9 Reagan '84 38.2 Bush 88 33.7