Gun maker stocks jump after Supreme Court strikes down New York gun-control law
Shares of gun makers got a boost in morning trading Thursday, after the Supreme Court of the United States (SCOTUS) struck down a New York State gun-control provision. Sturm Ruger Co.''s stock jumped 1.9%, after being up about 1.4% just prior to the SCOTUS ruling, while Smith Wesson Brands Inc. shares climbed 5.2%, after being up 3.2% just before the ruling. SCOTUS said the New York law that forbids people from obtaining a permit to carry a handgun publicly unless they can demonstrate a special need violated the U.S. Constitution''s Second and Fourteenth Amendments, which gives "ordinary, law-abiding citizens" the right to publicly carry handguns. Sturm Ruger''s stock has declined 12.3% over the past three months and Smith Wesson shares have shed 13.1%, while the SP 500 has dropped 14.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Gun maker stocks jump after Supreme Court strikes down New York gun-control law
Shares of gun makers got a boost in morning trading Thursday, after the Supreme Court of the United States (SCOTUS) struck down a New York State gun-control provision. Sturm Ruger Co.''s stock jumped 1.9%, after being up about 1.4% just prior to the SCOTUS ruling, while Smith Wesson Brands Inc. shares climbed 5.2%, after being up 3.2% just before the ruling. SCOTUS said the New York law that forbids people from obtaining a permit to carry a handgun publicly unless they can demonstrate a special need violated the U.S. Constitution''s Second and Fourteenth Amendments, which gives "ordinary, law-abiding citizens" the right to publicly carry handguns. Sturm Ruger''s stock has declined 12.3% over the past three months and Smith Wesson shares have shed 13.1%, while the SP 500 has dropped 14.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.