Barack Obama Wins Presidential Election
With 70% of the vote counted nationally, Obama led rival John McCain by an electoral vote count 338 to 156 – handily surpassing the 270 needed to win the 2008 presidential election.
Addressing a crowd of thousands in Grant Park in Chicago, President-elect Barack Obama thanked his supporters, his family and his rival, Republican candidate John McCain, in the wake of a hard-fought election campaign, one that drew unprecedented numbers of new voters to the polls.
Calling on a “new spirit” of patriotism and responsibility, President-elect Obama echoed many of the themes that buoyed his campaign over the past 21 months,
insisting that unity, humility and a determination to “heal the divides that have limited our progress” will be among the guiding principles of his service as president of the United States.
Obama’s victory in the 2008 election may have been secured relatively early in the evening after states like Pennsylvania and Ohio were added to the Democratic column. It was widely believed that Republican candidate John McCain would need to win both Pennsylvania and Ohio – as well as a number of other battleground states such as Florida and Virginia – in order to effectively challenge Obama’s lead in pre-election polls.
President Bush contacted President-elect Obama shortly before Obama’s speech to offer his congratulations and support in the process of transition to the new administration. Telling the new president that he would soon be on the “journey of his life,” President Bush extended an invitation to Barack Obama to visit the White House in the coming days.
In a gracious concession speech from Phoenix, Arizona, Republican presidential contender John McCain pledged to do “all in his power” to help the President-elect to help “move the country forward.” The Arizona senator urged his supporters to do the same, reminding them “whatever our differences, we are fellow Americans.”
Be sure to visit TradingMarkets.com all week for analysis on how the election of Barack Obama – and sizable victories for Democrats in the Congress – will impact the financial markets.