NEW YORK (MarketWatch) -- American International Group shares retreated from early gains near 30% on Thursday and traded only modestly higher in afternoon action.

The Financial Select Sector SPDR , which tracks the financial stocks in the S&P 500, fell 0.4% after a higher open.

Shares of AIG continued stood about 4% higher Thursday. That move follows a more than 60% jump during the previous session for the insurer, which is almost 80% owned by U.S. taxpayers.

Some analysts Wednesday attributed the AIG's gains to investors scrambling to cover short sales after the firm set a 20-for-1 reverse stock split earlier this year.

Other analysts suggested that recent better-than-expected second-quarter results from other insurers, as well as recent signs mortgage insurance losses are easing, bode well for AIG, which will report earnings Friday.

Also on Thursday, former American International Group Chief Executive Maurice "Hank" Greenberg agreed to pay $15 million to settle an accounting charge by the Securities and Exchange Commission, the regulator said

After I took my Economic exam this morning I've been eating a banana pop and watching this stock move up and down...I wouldn't touch it with a 10 foot pole.

Yesterday the stock went from 13.00-22.00 60% gain. I'm not touching that. I cannot believe after the bailout this stock went up that fast.

I would wait for Roadwarrior or Redliner to comment, I can't trust the opinion of someone who just took 2 college economics courses.

I would wait for Roadwarrior or Redliner to comment, I can't trust the opinion of someone who just took 2 college economics courses.

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I would wait for Roadwarrior or Redliner to comment, I can't trust the opinion of someone who just took 2 college economics courses.

I'm not offended or anything by your comment, but everything above is err fact.. And I'm not offering any public recommendation, I'm simply making a post about an observation I've been watching half the day. Actually I notice this yesterday, but didn't bother pay attention to it until today. So, you can wait on roadwarrior post for no reason at all, or just simply be marvel by speculations at work. Speculators believe the earning going to beat the analyst expectation...

G'day, mate.

Wasn't meant to be offensive in any way, more of an informative statement> for newbees and such. Roadwarrior is not a speculator , but has been involved in banking for a few decades, & I ain't your mate

Wasn't meant to be offensive in any way, more of an informative statement> for newbees and such & I ain't your mate

Well, when you said "opinion" it seems you tried to discredit me. I have no incentive to be a stockbroker, thus, I have no reason to make any recommendation, (if I was making a recommendation, I wouldn't post it on a public forum, I got to eat you know?) For future reference, I'm not making stock recommendation, I'm making observations Please see a CFP or stockbroker for that.

Although, I wouldn't let 2 economic class fool you (which I made a B and an A in). Financial Market is one of my pet peeve. You be amaze at what one dillhole could learn by reading books and investopedia.com Not only that, I got the cojones to manage my own portfolio without any professionals advice. (if you are a CFP or stockbroker, I apologized for using a cheaper method.)

G'day, moot.

I took 2 eco courses, I got an A in both, the number one thing i learned is I do not know enough about the markets to play in them

6 papers 4 quizzes 2 mid terms and 2 finals; all aced and I am not well enough versed to give opinion whether I or someone else would touch any investment instrument.

G'day Irene.  :