Stock prices for America’s largest gun companies jumped on Monday after a mass shooting that left 58 dead and more than 500 injured on the Las Vegas strip.
The parent company of Smith & Wesson, American Outdoor Brands Corp. jumped 2.3 percent in morning trade before closing up more than 3 percent. The stock was up as much as 8 percent during the day.
Storm Ruger & Co. Inc. shares closed up nearly 3.5 percent after climbing as high as 6.5 percent. Vista Outdoor Inc. closed with a gain of nearly 2.5 percent.
The shares of all three gun makers had seen record dips since the election, as fears of tighter gun regulations diminished with President Trump taking office. But gun owners often fear new crackdowns following mass shootings, which causes shares to rally.
Stephen Paddock, the 64-year-old suspected shooter, was found dead when police entered his room in the Mandalay Bay hotel. Paddock’s room on the 32nd floor of the Mandalay Bay hotel was filled with several guns.
The New York Times reported there were 19 weapons in the room, along with two tripods and hundreds of rounds of ammunition.
The Wall Street Journal reported the weapons found by investigators on site included AR-15-style and AK-47-style rifles. At least one was fully automatic.
Fully automatic weapons, which were banned for civilian use in 1986, reload automatically and fire rounds for as long as the trigger is held and there is ammunition in the weapon. Semi-automatic rifles reload automatically as well, but only fire a single round per trigger pull.
The manager of Guns and Guitars Inc. in Mesquite, Nev., said he sold Paddock guns, but did not specify how many. It’s also unclear if any of those weapons were used in the massacre. The store sells semi-automatic weapons, but not fully automatic ones.
“[A]ll necessary background checks and procedures were followed, as required by local, state, and federal law,” said Christopher M. Sullivan. “He never gave any indication or reason to believe he was unstable or unfit at any time. We are currently cooperating with the ongoing investigation by local and federal law enforcement in any way we can.”
Law enforcement officers have not offered further specifics about the weapons used.
The Bureau of Alcohol, Tobacco, Firearms and Explosives said in a statement it is “currently conducting an urgent trace on firearms recovered from the scene in Las Vegas.”
Trump condemned the massacre as an “act of pure evil” in remarks for the White House on Monday.
Attorney General Jeff Sessions said he and FBI Christopher Wray met on Monday to discuss the attack, and said the DOJ, FBI and ATF are on-deck to help in the investigation
