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Financial News Network
February 05, 2012 AT 9:11 PM
This is what's in the news for Wednesday February 2, 2012. The Wall Street Journal reports U.S. auto sales in January jumped 11% over a year ago to their fastest pace in almost four years. A number of auto makers, showing new confidence in the U.S. economy, revealed billion-dollar expansions of their American factories. The Wall Street Journal also reports Senator Herb Kohl (D-WI), chairman of the Senate Antitrust Subcommittee, said he would hold a hearing on the marketing alliance between Verizon Wireless (VZ, VOD) and Comcast (CMCSA) over concerns that together they could blunt competition in the telecommunications market, leading to higher prices. Bloomberg reports oil fell to its lowest level in six weeks as U.S. crude stockpiles increased more than expected and gasoline usage dropped to a 10-year low. Finally, Bloomberg also reports U.S. auto insurer Allstate (ALL) is investing in energy and real estate as near record-low interest rates squeeze income from bonds, said Chairman and CEO Thomas Wilson.