Dow Loses 300 Point Gain, Rebounds After Hassett Says Powell Is "100 Percent Safe", Then Tumbles Again

It was set to be another dismal day for traders, with the Dow set to fade the entire 282 points jump hit shortly after start of trading after Trump's Christmas Day trading reco to "buy the dip", when with the Dow at session lows and set for its 5th straight decline, White House economic advisor Kevin Hassett - the only White House economy official who still appears to have some credibility left in the eyes of investors, and whose jawboning abilities might still elicit a positive impact on equity prices - came on Fox Business to deny rumors that President Trump is considering firing Fed Chairman Jerome Powell, whose job is "100 percent" safe, while pointing out that, despite the abysmal market performance, we're looking at "perhaps the best Christmas ever" in terms of the economy.

Hassett also insisted that Trump is "happy" with Treasury Secretary Steven Mnuchin and has no plans to fire the Treasury  Secretary.

Hassett's comments sparked an immediate rebound in the Dow...

.... and then the Dow slumped again after algos realized that by confirming Powell will stick around, it actually make the bearish case for stocks that much stronger, as it means that Powell's hawkishness will persist for far longer than if Trump were to replace him with some dove such as the "short" Yellen.