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Morgan Stanley's pessimistic note on the state of the global economy and the likelihood of a double dip sent shares of stocks across the financial sector into a hole today. The debt in Europe and weak U.S. home sales have been inescapable negative drivers for the sector.

The combination between the Fed announcement, meant to help the economy, and the Moody's downgrade pulled financial stocks, especially the major banks, lower for the day. Bank of America and Morgan Stanley were among the biggest losers with MS hitting a new 52-week low.

Ms. Lia Melissa Darby is Managing Director and Company Secretary of Global Metals Exploration NL effective February 20 2014. She was previously Non Executive Chairperson of the Board of the Company.

A Bank of America default could have led the financial sector to lows rivaling 2008.A $5 Billion influx from Warren Buffett's Berkshire Hathaway led investors to breathe a sigh of relief and consider buying financial stocks today.

Stocks are up today as the market is hoping that the Federal Reserve will announce a new round of stimulus on Friday. Promising data from China and Germany also helped to boost sentiment.

Stocks have been flip-flopping today as Wall Street bounced back and forth between gains and losses. Gold and Treasuries keep pushing higher, suggesting safety is top priority for investors.

The appeal of financials seems obvious right now: they're cheap. That does not; however, make them a worthwhile short-term investment as new global economic challenges require fresh metrics of assessment.

Financial stocks were mixed on Friday with the major banks sliding on European debt woes and credit companies ticking higher on news of consumer confidence that outshined expectations.