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Gun stocks rise in hours after Las Vegas mass shooting
Stocks for top gun companies rose Monday in the hours after the Las Vegas mass shooting.
Sturm, Ruger & Company shares rose by 6 percent while American Outdoor Brands, which was formerly known as Smith & Wesson, saw an increase of almost 7 percent in the hours after the shooting, CNN reported Monday.
Shares of gun companies tend to rise in the days after a deadly mass shooting out of fear that lawmakers will pass gun control laws making it more difficult to purchase the weapons in the future.
Gun stocks similarly rose after the deadly mass shooting at Pulse nightclub in Orlando in June 2016.
Firearm companies have struggled with lower sales numbers since President Trump took office. He earned an early endorsement from the National Rifle Association (NRA) in the 2016 election.
Trump and the NRA both argued that Democratic presidential candidate Hillary Clinton would strengthen gun laws and nominate Supreme Court justices who would hold up tougher gun regulations.
Firearm companies generally saw strong sales numbers during former President Obama's administration as the White House pushed for stronger gun laws in the wake of several mass shootings.
Lawmakers faced significant public pressure to pass tougher gun laws in the wake of the mass shooting at Sandy Hook Elementary School in 2012 that killed 20 young children and six adults. Eighty percent of Americans at the time said they supported expanded background checks for gun sales.
Nearly 90 percent of Americans said they supported the bills introduced in the Senate last June that would limit gun sales to those on no-fly lists, expand background checks and block those with mental health issues or convicted felons from buying guns. All four bills failed in the Senate along party lines.
Las Vegas police said Monday that 58 people had died and 515 others were injured in the deadliest mass shooting in U.S. history. Suspected gunman Stephen Paddock, 64, opened fire at a country music festival from a hotel room late Sunday.
Paddock was found dead in the hotel room.