SPRINGFIELD, Mass. (WWLP) – Every time President Obama announces new gun regulations, gun stocks seem to skyrocket.
American International College Economics Professor John Rogers told 22News Monday was the perfect example. “Monday, which was a disastrous day for the stock market, the stock of the gun companies went up,” he said.
The President said he wants to expand background checks and close the “gun show” loophole, but he may have done gun manufacturers a favor.
Stocks at Smith & Wesson gained nearly 6% Monday after reports President Obama would announce stricter gun laws. Tuesday, it gained another 11% following the President’s announcement, combined with better than expected sales.
Since President Obama was first elected in 2008, Smith & Wesson stock has continued to rise. Their quarterly sales are up as much as 38% from last year, nearly 20% more than earlier estimates.
Rogers told 22News Monday wasn’t the first time something like this has happened. “Last year there was a statement that Secretary Clinton made during the debates about how she wanted to tighten up gun laws, and the stock at a number of the gun companies shot up after that,” he said.
22News went to the Chicopee Police Department to find out if more people in western Massachusetts are also trying to get their license to carry.
Chicopee Police Officer Mike Wilk told 22News there’s been an increase in Chicopee. “In the month of December alone, we’ve had 80 applicants for a license to carry, and I was told that’s quite an increase from last year. Our officers were telling me that they can get between five and six phone calls a day for appointments to come to apply for their license to carry,” he said.
December was a record month for background checks, with more than 3.3 million across the country.
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