While investors moping over President Barack Obama’s reelection sent the Dow spiraling down more than 300 points Wednesday morning, one sector is seeing a surge: gun manufacturing.
Firearms maker Smith & Wesson Holding Corp. surged 10.8% to $10.48 a share in morning trading, more than double its price at the beginning of the year.
In October, the number of firearms background checks performed on potential gun buyers jumped 18.4%, according to the FBI, as cited by Benchmark Research. The data is considered to be a leading indicator for future gun sales.
Gun control advocates have pushed Obama to take a stronger stance on weapons ownership since the July mass shooting in Aurora, Colo.