There's a new meaning of bump stocks.
A month of heavy gun violence also saw a surge in background checks, which Wall Street expects to trigger a surge in gun sales.
The National Instant Criminal Background Check System announced Thursday that background checks for potential gun purchases in March were up 36% from February. CNN reports that 4.7 million Americans initiated such inquiries last month.
© Andrew SelskyAn assortment of rifles hang in a gun shop on Friday, Feb. 19, 2021, in Salem, Ore. So many people are buying guns in Oregon these days that the state police are often unable to complete background checks in time, allowing the sales to proceed if the deadline isn't met.
An assortment of rifles hang in a gun shop on Friday, Feb. 19, 2021, in Salem, Ore. So many people are buying guns in Oregon these days that the state police are often unable to complete background checks in time, allowing the sales to proceed if the deadline isn't met. (Andrew Selsky/)
Bloomberg News notes that gun makers Sturm Ruger and Smith & Wesson stocks rose 2.8% and 3.8% following that news. Since gun sales are not tracked in the U.S., it's not known if the stock market's reaction is reflective of firearm purchases.
The week of March 15, 2021, to March 21, 2021, reportedly broke a record for most background checks in a week. Debate over gun control was renewed following the March 16 shooting deaths of eight people in Atlanta, Ga., outside three spas. A lone gunman is suspected.
U.S. averaging more than 1 mass shooting per day since the Atlanta massacre
According to CNN, there have been at least 20 mass shootings in the U.S. since March 16. Forbes reports that a new round of stimulus checks also contributed to a spike in gun purchases.
President Biden calls gun violence a "public health epidemic" that his administration intends to address. Among the proposals on his website is banning the manufacture and sale of assault weapons and high-capacity magazines as well as limiting the number of guns an individual can purchase each month.