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28 college age students participating in a weight lifting class exhibited significant decreases in negative affect and increases in positive affect. Changes in affect were correlated with average exercise heart rates. Higher heart rates were correlated with reductions in negative affect and increases in positive affect. Correlations of .37 and .40 suggest that, in accordance with earlier studies, exercise intensity may be indirectly related to exercise.
McGowan et al. (1996) studied this question.