The share prices of US gun- and ammunition makers shot up Thursday after the Supreme Court struck down a New York law restricting concealed carry, the widest expansion of gun rights in over a decade that could lead to further rollbacks across the nation.
In a 6-3 ruling on Thursday, the US Supreme Court struck down a New York State law restricting firearm owners from having a concealed carry weapon permit unless they had “proper cause” to do so and demonstrated “good moral character.”
In a major blow for gun control advocates, Supreme Court justices ruled that New York’s concealed carry law violated the Fourteenth Amendment by stopping “law-abiding citizens with ordinary self-defense needs” from practicing their Second Amendment right to bear arms.
The share prices of major gun- and ammunition makers surged higher following the Supreme Court decision: The largest public US gunmaker ($1.1 billion market value), Sturm, Ruger & Co., saw its stock rise nearly 3%.
Shares of Smith & Wesson Brands, the second-largest gunmaker ($600 million market value), jumped over 6%, and major ammunition makers such as Vista Outdoor and Ammo Inc. also shot higher, both rising by around 3% or more.
Other gun- and ammo-related stocks also rallied on Thursday: Big 5 Sporting Goods jumped nearly 5% and American Outdoor Brands rose roughly 6%, while weapons producer Axon Enterprises gained over 3%.