Barack Obama has won a stunning, decisive victory and will be the 44th president of the United States.
Barack Obama, the first black president of the United States, says "change has come to America".
In a historic victory over Republican candidate Senator John McCain, the President-elect told a sea of supporters in a Chicago park.
"If there is anyone out there who still doubts that America is a place where any things are possible, who still wonders if the dream of our founders is alive ... who still questions the power of our democracy, tonight is your answer," he said.
He said his victory belongs "to you".
He said the voters who turned out today did so because they believed this time "must be different and their voices could be that difference".
He said America was not a collection of individuals, but "we are and always will be the United States of America".
He said it was "a long time coming" but "because of what we did on this day" during this election, "change has come to America".
He said despite the challenges ahead, including two wars and a financial crisis, he was hopeful for America.
"There will be set backs and false starts," he said.
"I will always be honest with you about the challenges we face ... "
He said Senator McCain had "endured sacrifices for America that most of us cannot begin to imagine".
He congratulated Senator McCain and Governor Sarah Palin for all they had achieved and looked forward to working with them.
He thanked his wife, Michelle - "the love of my life and the nation's next first lady", for the journey they had endured.
He said he loved his two young daughters "more than you imagine and you have earned the new puppy that is coming with us to the White House".
He said he knew that his recently deceased grandmother was watching, along with the rest of his family.
Senator Obama said "this election had many firsts".
Defeated Republican presidential candidate John McCain called victor Barack Obama to concede defeat and offer his full support.
"We have come to the end of a long journey,'' McCain told supporters.
"The American people have spoken and they have spoken clearly."
He said he had called Democrat Barack Obama "to congratulate him on being elected the next president of the country that we both love".
McCain shouldered the blame for his sweeping defeat, telling supporters "the failure is mine".
"Though we fell short, the failure is mine, not yours,'' he said.
"I wish the outcome had been different. Your support and friendship never waivered."
McCain said Obama had achieved a "great thing'' for himself and the country.
He urged his supporters to put aside partisan differences and work to get "the country moving again".
Americans elected Democrat Barack Obama as their first black president today, in a transformational election which will reshape US politics and reposition the United States on the world stage.
A perfect storm of issues facing the country, and assets marshalled by this most formidable and charismatic political leader, have come together in exquisite fashion to forge one of the most historic election results in American history.
Forty years after the assassination of Martin Luther King, riots in the streets, and the birth pangs of civil rights and voting rights movements, an African-American will take the oath of office to preserve, protect and defend the constitution of the United States.
What is so impressive is the sweeping nature of the victory, with Obama able to hold all the base established in the bitter 2000 and 2004 elections which President George Bush won over Al Gore and John Kerry, and then converting substantial Republican strongholds such as Ohio and Colorado.
Middle America, in other words, voted for Obama. Also elected are the strongest Democratic majorities in Congress in three decades.
Obama's election will immediately inject a sense of hope and relief into a country that is so desperate for firm leadership and inspiration.
"Yes, we can," Obama has said for nearly two years. Beginning tomorrow, President Obama's message will be: "Yes, we will."
Obama
Barack Obama will be speaking live from Grant Park in Chicago.
Watch the live video stream now
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