All it takes is a quick browse under our "financials" category to see that related exchange traded funds (ETFs) have taken a real beating over the last year. The credit crisis, the mortgage crunch, the slowdown in consumer spending and talk of an impending recession are all making investors a jittery bunch.

Today, Federal Reserve Chairman Ben Bernanke cut interest rates by a whopping .75%. The move might have been just the kick in the pants that financials ETFs needed, if today’s performance of the Financial Select Sector SPDR (XLF) and its holdings are any indication.

Many of XLF’s biggest holdings were showing an upswing in trading today. One of the best performers was Morgan Stanley (MS), which makes up 2.5% of the fund. The top holding is Bank of America (BAC), at 8%, which also finished up for the day.

Is it a sign of good things to come for the put-upon financials, or just a temporary step forward? Only time will tell on this one.

Tags: Federal Reserve, Financial, Sector ETFs