Here is reaction from political and Wall Street analysts:

JAMES ANGEL, ASSOCIATE PROFESSOR OF FINANCE AT GEORGETOWN UNIVERSITY'S MCDONOUGH SCHOOL OF BUSINESS:

"It's definitely a campaign speech. He's clearly running for re-election and trying to say all the right things.
"He's said all this great stuff about smarter regulation. Amen to that. But how is he going to get there from here? ... He's defending his reforms but it's more chest thumping than anything."

ANDY LAPERRIERE, SENIOR MANAGING DIRECTOR AT THE INTERNATIONAL STRATEGY AND INVESTMENT GROUP, AND HEAD OF ITS POLICY RESEARCH TEAM:

"People were expecting a populist speech and there were elements of that. But I think what you actually had is that almost everything he said, hardly anybody can disagree with. And that masks real policy disagreements.
"Markets will be interested in the refinancing program and what exactly is that fee on the banks to pay for it. ... If the banks pay for it, it could be a negative for the banks. But it could be a positive for the homebuilders. The details will matter. My initial reaction is that it's not going to happen. You can't do a big refinance plan for a small cost."

(Reporting By JoAnne Allen; Editing by Bill Trott)

Herman Cain: "The unemployment rate was reported to be 5%, but if you've added people…who have stopped looking, and you add in the 8 million people who are underemployed, the real rate of unemployment is 18%. It's a matter of how you want to count it."

Herman Cain pulls the "gas prices are too damn high" card.

Alliance for American Manufacturing, a pro-union group, gives Obama a thumbs up: "Strengthening American manufacturing and growing manufacturing jobs will lay a solid foundation for a new middle class and economic security for the next generation. We commend President Obama for focusing on manufacturing in a way no president has for 25 years or more."

Huffington Post says Michelle Obama's dress is by designer Barbara Tfank www.style.com

Romney on NBC talking about Obama: "Now he's talking about doing all these things... Well, where was he his first two years?"

Herman Cain ends his address, thus ending the trio of addresses for tonight.

Wow. Joe the plumber makes an appearance in Newt's SOTU rebuttal statement