Gun stocks in US surge significantly after Trump assassination attempt
Date
7/17/2024 3:18:00 AM
(MENAFN) Gun stocks experienced a significant increase on Monday following an assassination attempt on former US President Donald Trump during a rally in Pennsylvania on Saturday.
As reported by a Spanish website shares of Smith & Wesson Brands rose by 10%, while Sturm, Ruger & Co saw an increase of approximately 7% by midday on Monday. These manufacturers produce firearms like pistols and semi-automatic rifles similar to those used in the attack, although the specific weapon's manufacturer has not yet been disclosed.
Steve Sosnick, chief strategist at Interactive Brokers, noted that such stock movements often represent traders' immediate reactions to current events. Historically, gun stocks tend to rise in the short term following political or legal developments that may increase the risk of domestic unrest or lead to stricter gun regulations, prompting individuals to stock up on firearms.
The incident also impacted shares of Trump Media and Technology Group, which saw a notable increase on Monday, driven by news headlines and exhibiting considerable volatility. Additionally, cryptocurrency-related stocks like Coinbase Global Inc and Marathon Digital Holdings Inc benefitted from the rise in bitcoin prices.
Health insurance companies, viewed as potential beneficiaries of reduced regulations under the Trump administration, also experienced a surge in their stock prices.
MENAFN17072024000045015839ID1108448416
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.