Police say the gunman was perched on the 32nd floor of the Mandalay Bay Resort and Casino.
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Shares of gunmakers jumped more than 3% Monday after the mass shooting in Las Vegas.
At 12 noon on Wall Street, Storm Ruger (RGR) was up $1.80, or 3.5%, to $53.50 and American Outdoor Brands (AOBC), the former Smith & Wesson, rose 65 cents, or 4.3%, to $15.90.
The deadly shooting at a Las Vegas concert, which took at least 58 lives and injured 500 or more, is the deadliest mass shooting in modern U.S. history.
The move higher in gun stocks is due to the perception that there is bigger potential for tighter gun controls, as well as a belief that gun buying will pick up as Americans look to better protect themselves, says Gary Kaltbaum, president of investment firm Kaltbaum Capital Management.
Gun stocks had been struggling since President Trump was elected, as investors bet that the new administration would push less hard on legislation to increase restrictions on gun sales. Storm Ruger, for example, fell more than 14% the day after Trump was elected. The stock was up about 2% in 2017 through the end of September. Shares of American Outdoor Brands were down 28% in the first three quarters of this year.
Last year the board and shareholders of Smith & Wesson, which makes and sells pistols, revolvers and rifles, voted to change the name of the company to American Outdoor Brands, which CEO James Debney said at the time better “represents” the company’s “growing array of brands and businesses in the shooting, hunting and rugged outdoor enthusiast markets.” The corporate name change and new stock symbol went into…