If you've got a few extra bucks to invest, Smith & Wesson's stocks are surging, thanks to a new all-time high in the number of background checks during the month of July …
Shortly after the FBI announced July’s figures on Monday afternoon, shares in the second largest gun manufacturer hit $30.59 each. Smith & Wesson’s shares closed the day at an all-time high of $30.36, up 3% for the day and beating a previous record high of $29.37 set in March.
Shares in Sturm Ruger, the US’s largest gun maker, also surged on the news, ending the day up 2%, at $69.40.
A total of 2,197,169 firearms background checks were processed last month,according to the National Instant Criminal Background Check System (NICS). That’s up from 1,600,832 background checks processed in July 2015 and 891,224 checks processed in July 2008, months before Barack Obama was elected president.
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