Apple shares close at all-time high

Apple Computer shares reached an all-time high Tuesday, rising $2.13, or 2 percent, to close at $88.60.

Investors seemed to be responding to analyst predictions that 14 million iPods will be sold in the current fiscal quarter. They could also be anticipating the announcement of the oft-rumored Apple cell phone, nicknamed the "iPhone" and lately the subject of much speculation by bloggers, analysts, and more recently, gamblers.

But Shaw Wu of American Technology research said Monday that the "iPhone" is in the development phase and it's not clear when it would be released or even announced, according to MarketWatch.