The Papal Conclave has elected a new Catholic Pope. Pope Francis I is the first Pope from South America. The new pope is 76 years old and is the former Archbishop of Buenos Aires. Jorge Bergoglio, is the first Jesuit Pope and the 266th pope of the Catholic Church. Bergolgio was the runner-up in the previous papal selection seven years ago.

Additional information from ABC News: The announcement of a new pope was made from the balcony of St. Peter's Basilica French Cardinal Jean-Louis Tauran, the senior cardinal in the order of the deacons.  The announcement came just about an hour after white smoke first rose from the chimney of the Sistine Chape. and the bells of St. Peter's Basilica began to peal, signifying the election of a new pope.

A roar of cheers arose from the thousands of people awaiting the signal outside the Vatican. Elated crowd members from around the world cheered and cried as the smoke wafted over the Vatican.

The 115 cardinal electors began the conclave on Tuesday following the resignation of Benedict XVI, the first pontiff to resign in 600 years. At least a two-thirds majority -- 77 votes -- was required to elect the next pope.