Naroff said that while the reform package would affect different businesses in different ways, it may encourage some of the riskiest trading activity to move offshore "to other banks who are willing to take those risks."
"For some businesses it's bad -- there's zero question about it," he said. "But if you're on Main Street, you're not looking for tomorrow's earnings so you can get your bonus. You're looking to keep your job for the next 20 years."
Financial reform efforts, he said, could prevent bubbles like the ones that contributed to the financial crisis.
Today's brief drop below 10,000 was the first since the "flash crash" of May 6, when the Dow plunged nearly 1,000 points in a matter of minutes. Since then, the Securities and Exchange Commission has announced new "circuit breakers" -- rules to stop pause trading on individual stocks when their share prices move up or down by 10 percent or more during any five-minute period, but those rules have yet to take effect.