As the number of people killed or injured in Sunday night’s shooting in Las Vegas continues to climb, so does the share price for gunmakers.
On Monday, just after the deadliest mass shooting in modern U.S. history, gunmakers saw a boom in their stock prices: American Outdoor Brands Corp. (previously Smith & Wesson), Sturm, Ruger & Co., and Vista Outdoor climbed by 2.3 percent, 3.7 percent and 1.4 percent, respectively, in morning trade, according to MarketWatch.
— Trista Kelley (@trista_kelley) October 2, 2017
Gun shares often rise immediately after a mass shooting. In fact, American Outdoor Brands has repeatedly told investors that “speculation surrounding increased gun control at the federal, state, and local level and heightened fears of terrorism and crime” affects demand.
Gunmakers made millions after the mass shootings in Newtown, Connecticut; San Bernardino, California; and Orlando, Florida. The motive is fairly clear: When people get scared, they look for and buy things (e.g., guns) to protect themselves. One study in California found that handgun sales after a mass tragedy, at least in one case, spiked even more among people who lived close to the event.
Overall, since the election, gun sales have actually been on the decline. American Outdoor’s stock had fallen 46 percent since the election (as of Friday) while Sturm, Ruger & Co.’s stock fell 20 percent and Vista Outdoor’s stock dropped 40 percent.
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VIDEO: Rapid fire from shooter(s) in Las Vegas pic.twitter.com/jgzCTQRUZP
— Joel Franco (@OfficialJoelF) October 2, 2017
— Eduardo Samaniego (@EduSamani) October 2, 2017
EYEWITNESS: Chilling footage of moment active shooter opened fire on concert goers near Mandalay Bay resort in Las Vegas pic.twitter.com/7OfAwg0ReO
— Josh Caplan (@joshdcaplan) October 2, 2017
This article originally appeared on HuffPost.