(CNN) -- World leaders rushed to congratulate President-elect Barack Obama as incumbent George W. Bush called his win "a testament to hard work, optimism and faith in the enduring promise of our nation." Kenya declared a national holiday for Obama's White House victory. Speaking from the White House, Bush said the people had chosen a president "whose journey represents a triumph of the American story." He said: "It will be a stirring sight to watch President Obama, his wife, Michelle and their beautiful girls step through the doors of the White House. "I know millions of Americans will be overcome with pride at this inspiring moment that so many have waited for for so long." Watch the speech from President Bush »
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President Bush: Obama victory represents a triumph of the American story
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World leaders congratulate Barack Obama on winning U.S. presidential election
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Most stocks rise in Asia as Obama win seen positively; markets fall in Europe
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Kenyan President Kibaki calls Obama victory "our own victory"
Across the globe, people in city squares and villages, living rooms and shacks cheered his success, boosting hopes that @placeholder's first black commander-in-chief might herald a more conciliatory approach to the rest of the world.
But in @placeholder the major markets closed down about 2 percent and U.S. markets closed about 4.5 percent down.