WASHINGTON — Stock shares of U.S. gunmakers rose Monday amid renewed calls for gun control measures following last weekend’s mass shootings in Texas and Ohio.
According to a report published by Newsmax, American Outdoor Brands Corp. (AOBC), which makes Smith & Wesson firearms, rose as much as 7.5%, while Sturm Ruger & Co. Inc. (RGR) rose 3.8%. Ammunition maker Vista Outdoor Inc. (VSTO) gained as much as 2% while the S&P 500 Index fell 2.3% on rising trade tensions between the U.S. and China.
The jump follows two separate mass shootings that occurred over the weekend, which were followed by immediate calls from Democrats to enact stricter gun laws and tougher background checks.
Authorities say a gunman opened fire in an El Paso, Texas Wal-mart Saturday, killing 22 people and injuring dozens more. Less than 24 hours later, a man in Dayton, Ohio killed nine people and wounded several others.
Gun stocks typically rise after mass shootings as renewed calls for tougher firearms laws increase speculation that Americans will want to purchase more weapons before new regulations take effect.
President Trump on Monday commented on the weekend tragedies, calling for “bipartisan solutions” to combat gun violence. The president blamed video games, mental illness, and racism for the shootings, but stopped short of calling for federal universal background checks, a gun-control measure popular with Democrats.
He instead called for a collaboration between state and federal agencies to “develop tools that can detect mass shooters before they strike.”