In Tuesday’s State of the Union speech President Barack Obama touted plans to develop more U.S. energy resources. This new domestic energy push by the Obama administration was applauded by both sides of the aisle.

The US Federal Reserve surprised the markets on Wednesday by saying that interest rates could stay at historic lows until late 2014. The new commitment replaces the statement that economic conditions were likely to stay at the range of 0% to 0.25% until at least mid-2013.

After the stock market closed yesterday, Apple Inc. (AAPL) reported its quarterly earnings. The company easily beat Wall Street’s estimates, which propelled the technology giant’s shares to trade up $30, or 7% after hours.

Tonight, President Obama will deliver a State of the Union speech that will focus on ways to boost the US economy. Sources briefed on the latest draft of the speech say it will describe a “blueprint for an economy that’s built to last.” That blueprint will focus on manufacturing, energy, education and middle-class values.

The US stock markets closed near six-month highs on Friday, extending gains for a third week. Since 2012 kicked off the Dow Jones Industrial Average is +4.1%, the S&P 500 is +4.6%, and the NASDAQ is +7.1%. This is the most the markets have moved up during the first few weeks of January since 1987. So will this rally continue?

According to Freddie Mac’s weekly survey, rates on a 30-year fixed-rate mortgage averaged 3.88% for the week ending yesterday, which is a new record low, down from 3.89% the previous week and 4.74% a year ago. Rates on 15-year fixed-rate mortgages averaged 3.17%, up slightly from 3.16% last week and below 4.05% a year earlier.

As part of a deal hatched with the Republicans in Congress for a short-term extension to the payroll tax cut last month, President Obama faced a February 21st deadline to issue a decision on the Keystone XL oil pipeline project. Yesterday, Obama announced he is putting the project on hold, saying sixty days is not enough time to conduct the necessary reviews.

In South Carolina yesterday, Former Massachusetts governor Mitt Romney, the front runner in the GOP presidential primary, said that he pays taxes “close to the 15% rate.” This statement was made after Romney rejected calls from former House Speaker Newt Gingrich and Texas Gov. Rick Perry to release his tax returns now so that South Carolina voters know the details before Saturday’s primary.