Gun stocks rally after midterms leave Congress poised for gridlock

Gun stocks rally after midterms leave Congress poised for gridlock

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National Rifle Association members look over pistols in the Smith & Wesson display at the 146th NRA Annual Meetings & Exhibits on April 29, 2017 in Atlanta, Georgia.

Gun stocks rose Wednesday after the midterm elections divided power in the U.S. Congress with Democrats seizing control of the House of Representatives and Republicans strengthening their grip in the Senate.

The new dynamic means the risk of Congressional gridlock is higher, which will help preserve the legislative status quo on gun control.

Shares of American Outdoor Brands Corporation, parent company of Smith & Wesson, rallied more than 4.5 percent in premarket trading Wednesday morning. Sturm, Ruger & Co., which sells the Ruger rifles and handguns, was up 3.75 percent. Utah-based Vista Outdoors, which owns several gun-related brands, was up more than 2 percent.

Gun control has long been considered an important issue for many voters, fueled by recent high-profile mass shootings in schools, houses of worship, and elsewhere.

Democrats have historically advocated for tougher gun control. But with pro-gun Republicans controlling the Senate, it will frustrate any attempts to tighten gun laws.

House Democratic Leader Nancy Pelosi, who could return to her position as Speaker of the House after the new Congress is sworn into office, said before the election that Democrats would pursue strengthening background checks on gun purchases if they took back control of the House.

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