NEW YORK (WCMH) – In the wake of America’s most deadly mass shooting, the gun market has rallied.
According to MarketWatch, shares of gun maker Smith & Wesson’s parent company American Outdoor Brands Corp spiked 3% Monday afternoon. Sterm, Ruger & Co. Inc. and Vista Outdoor Inc. reported similar jumps.
Analysts say the fear of tighter gun regulations boosts gun sales, which, in turn, boots share prices. Since President Donald Trump took office, that fear has dissipated, leading sales to slump and share prices to drop. Under the Obama administration, the gun industry enjoyed a spike in sales, accelerated by the former president’s call for more gun control, according to CNN Money.
After a gunman opened fire on a crowd at Route 91 Harvest Festival in Las Vegas, Democrats renewed their call for gun safety legislation.
“What Congress can do – what Congress must do – is pass laws that keep our citizens safe,” said Senate Minority Leader Chuck Shumer. “And that starts with laws that help prevent guns, especially the most dangerous guns from falling into the wrong hands.”
According to the Associated Press, no action for tougher gun laws is expected. In fact, Republicans are working to move two NRA-backed bills forward: one that would ease regulations on silencers and one that would allow individuals with concealed carry permits to take their weapons across state lines.
___The Associated Press contributed to this report.