US investors send gun stocks soaring after Obama re-election
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.
Australian stocks are expected to join the global sell-off today.
Read more at Brisbane Times