8 Nov 2012

Obama..good for guns

Obama wins, gun stocks soar on Wall Street



The re-election of Barack Obama sparked a heavy sell-off on global sharemarkets, but there was one beacon of hope for investors - guns.
As investors headed for the exits on concerns that the US could be plunged back into recession if politicians can't find a way to repair the national budget, the stock prices of gunmakers soared on Wall Street.
While the overall market was down more than 2 per cent, shares in Smith & Wesson shot up 7.7 per cent. Sturm, Ruger & Co, which bills itself as the only full-line manufacturer of American-made firearms, jumped 5.4 per cent, while stocks in Cabela's, a gun retailer, added 1.54 per cent.

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