Asthe 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.
Gun shares often rise immediately after a mass shooting. In fact, American Outdoor Brandshas repeatedly told investorsthat “speculation surrounding increased gun control at the federal, state, and local level and heightened fears of terrorism and crime” affects demand.
Gunmakersmade millions after the mass shootings in Newtown, Connecticut; San Bernardino, California; andOrlando, 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 actuallybeen on the decline. American Outdoor’s stockhad 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.
This article originally appeared on HuffPost.