Even before President Obama began explaining a slate of executive actions to tighten background checks for gun buyers on Tuesday morning, Wall Street speculators delivered a late Christmas present to gun manufacturers.If this doesn't underline that the only real gun reform that will ever matter is reducing access to guns across the board, I don't know what will.
Stocks in Smith & Wesson and competitor Sturm Ruger leapt dramatically in morning trading as investors flocked to the firms, anticipating that gun sales will spike in response to the modest tightening of background check rules.
Smith & Wesson's stock went up more than 12 percent in the first half of the day. Sturm Ruger also leapt 7.4 percent, according to the New York Post. One analyst expects Ruger's stock to push even higher, to $70 from its current $66.