Jorge Bergoglio Elected New Pope (Update 1)

NEW YORK ( TheStreet) - The election of Cardinal Jorge Mario Bergoglio, signaled by the traditional white smoke billowing from a chimney on the roof of the Sistine chapel, followed a two-day conclave involving 115 cardinals.

Last month, in a shock move, Pope Benedict XVI stepped down for health reasons, the first pope to retire in 600 years.

Bergoglio, 76, will take the papal name Francis I. Born in Buenos Aires, Bergoglio is the first Latin American pope.

Bergoglio is apparently already tweeting, using the @Pontifex account. He tweeted "HABEMUS PAPAM FRANCISCUM," which in English, roughly means, "We have Pope Francis".

--Written by James Rogers in New York.

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