Barack Obama wins US presidential election

Barack Obama has won the US presidential election, surpassing the 270 votes in the electoral college necessary for winning the race to the White House.

His Republican rival Mitt Romney called Obama in the early hours of this morning (November 7th) to concede before taking to the stage at Romney HQ to deliver a speech to his party faithful, in which he stated that now is not the time for "partisan bickering and political posturing".

Shortly after, Obama appeared at his own headquarters in Chicago and stated: "We know in our hearts that for the United States of America the best is yet to come."

Florida's 29 electoral votes are still undecided, but as the count stands, Obama has won 303 electoral votes, while Romney has secured 206.

At close of play on Wall Street last night, the Dow Jones climbed by one per cent to an index value of 13245.6 points and the Nasdaq was higher by 0.4 per cent to 3011.9 points.

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