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Gun Stocks Spiking Higher In The Wake Of Orlando Tragedy

Gun Stocks Spiking Higher In The Wake Of Orlando Tragedy

Tragedy hit Orlando, Florida, over the weekend as Omar Saddiqui Mateen, a New York-born U.S. citizen of Afghani descent, killed at least 50 people and injured at least another 50 other at a LGBT nightclub.

Early reports suggested the shooter pledged allegiance to Islamic terrorist groups. Rep. Adm Schiff (D-Calif) told CNN that based on what he has heard so far from the Department of Homeland Security and local police, the shooter "made a pledge of allegiance to ISIL."

Related Link: Are President Obama's Policies Driving Gun Sales Higher?

Other news sources, such as NBC, also reported on the potential connecting to Islamic terrorism.

Gun Stocks Rising

Gun stocks were trading higher early Monday morning as the shooting could result in a surge of gun sales to individuals looking to protect themselves.

Gun stocks, along with the topic of gun ownership, is highly controversial and policy out of Washington will continue driving stocks, as it has done in the past.

Shares of Smith & Wesson Holding Corp (NASDAQ: SWHC) were trading higher by more than 8 percent at $23.25 early Monday, while shares of Sturm, Ruger & Company (NYSE: RGR) were higher by nearly 4.5 percent at $59.90.

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