Which didn't work by the way.
But this is not the only reason the market is acting poorly.
First, we have been overdue for a correction and when overbought like we are, the market will take any excuse to square itself away.
The economy is still looking good, or better anyway, but maybe not as robust as the first quarter numbers. Retail sales are ever so softer and if you take away government transfer payments (like unemployment insurance) wages are not growing. Europe will clearly slow as a result of the turmoil they are in. China is being reined in by the government as it attempts to quell the possibility of a real estate bubble.
The financial reform legislationis struggling and while most Wall Streeters wish it would all go away, that ain't gonna happen.
The inability to muster enough votes for cloture, which was announced around 2 PM Wednesday, might encourage some who wish for the Senate bill to be weakened.
But the market hates uncertainty and getting it voted on and into conference would remove some uncertainty. There are aspects of the already passed House bill that are more amenable to Wall Street interests. The House bill, for example, does not require the "push out" of derivative desks.