Barack Obama Elected 44th U.S. President

Obama said he was looking forward to working with McCain and Alaska Gov. Sarah Palin "to renew this nation's promise in the months ahead."

Regarding the financial crisis in the U.S., Obama said, "Let us remember that if this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers. In this country, we rise or fall as one nation, as one people.

McCain urged all Americans to join him in congratulating Obama on his win in the presidential election.

"I pledge to him tonight to do all in my power to help him lead us through the many challenges we face," McCain said before his supporters in Phoenix.

Obama's campaign worked hard to win gritty industrial states of Ohio and Pennsylvania and powered the Latino vote in the West. He also won other battleground states such as Florida, Iowa and Virginia. He's leading in Indiana as results are still being tabulated, CNN reports.

The election was historic on many levels, including the fact that Obama is the first nonwhite to be elected as president. This was also the first election that prominently featured women as contenders for the White House, first Sen. Hillary Clinton (D., N.Y.) in a hard-fought Democratic primary, and Palin on the McCain ticket.

The victory sends a message to America and the world. The American Dream is alive and well. A mixed-race man can overcome a challenging childhood and a humble economic background to become the leader of the free world. The world was pulling for this to happen.