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Shares of major gunmakers such as Sturm, Ruger & Company, and Smith & Wesson Brands surged on Monday morning following the assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend.
In the mid-day trading, gun makers and ammunition stocks Smith & Wesson Brands, Sturm Ruger & Company, and Ammo jumped 10%, 7%, and 18%, respectively.
After a mass shooting, gun stocks tend to rise, as some people buy more firearms out of fear that the availability of firearms will be restricted.
The attempted assassination of the Republican candidate is believed to have increased the likelihood of his victory in the U.S. elections, and investors are now placing bets on Trump’s win. PredictIt, an online betting site, increased bets on Trump’s election win from Friday’s 60 cents to 67 cents, while Joe Biden’s odds were 27 cents.