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According to republicans. >> a bill that's meant to help the economy but which is widely expected to stifle growth and kill more jobs in the middle of a deep recession. >> reporter: so what does this law mean for you? the creation of a consumer financial protection bureau. the law also creates a new regulatory council within the treasury department. >> it will allow the government to go into these large failing firms, take them over and wind them down without having to count on the taxpayer to come in with tens of billions of dollars to prop these funds up. >> reporter: the news is worse in th...

Sleep. it's approved a new mandatory set of standards for cribs, they include a ban on drop-sided models. the faulty cribs are blamed for 36 deaths since 2007. 429,000 people filed for first-time unemployment benefits last week, a big drop from the previous week and the lowest level since august of 2008. cnn.com's poppi harlow joins us from new york. the numbers are still high. >> the headline on this report is, yes, the claims were down from the week before. the bottom line on this report is that it's an awful reading. for two years, tony, since july 2008, we've had every week these unemplo...

Today's action. now the market's win streak in some real jeopardy at this point. >> yeah, i mean we've had a great win streak for seven sessions in a row. the dow, the nasdaq have both closed higher. you know, it's their longest run since march. but i'll tell you what, the rally is fizzling out today. we got some economic news that's dragging down sentiment. some traders i talked to on the floor earlier say we got a couple of readings on manufacturing and it's weighing on the markets right now. the reports show that manufacturing activity in the new york and philadelphia regions, grew in july....

Month. but something else has happened at the same time, and that's banks are jumping in and repossessing homes more quickly. repossessions are up a little bit. the last few months, latter three months of the period, repossessions are up more than they were at the end of the last period, last year. we've got video. let me talk to you big picture about what's been going on here. a lot of lenders out there have been working to help borrowers more. so they're helping them modify their loans and in many cases, they are working with them, allowing them to sell their properties for less than their w...

Going to be a close watch on that. it's been very volatile family down, but still trading above so,000. we want to see how stocks are reacting to the job numbers released earlier today. 429,000 filed for first-time unemployment benefits, a big drop from the previous week and the biggest drop since 2008. poppy harlow joins us from new york city, in the cnn newsroom there. we are seeing improvement, but the numbers are stubbornly high. >> it's an awful read. it's a bad reading. 429,000 people lining up for first time unemployment benefits last week. this number every week has been over 400,000 f...