This is the fifth dramatic overnight swing in the Gallup poll in 2012, with three of them coming on the downside. In most cases, the approval rating has quickly stabilized near the break-even mark.

The president only recently ramped up his reelection efforts, and with no major political dust-ups since last month’s contraception fight, many analysts are at a loss to explain the volatility.

Last week, Obama’s approval rating dove 7 percent overnight, erasing a 6 percent overnight gain from the week before.

And a CBS News/New York Times poll released last week also showed the president suffering a steep drop, with 41 percent saying they approved versus 47 percent saying they disapproved, although many viewed that poll as an outlier.

Most polls indicate Obama’s approval rating to be near break-even. The latest Real Clear Politics average of polls — which does not yet include Gallup’s positive swing — shows that 47 percent approve and 47 percent disapprove of the president's job performance

Gallup's tracking poll has a three-point margin of error.