Times Square in New York erupted in celebration last night after projections indicated that U.S. President Barack Obama was the likely winner of another four years in office.

Hundreds of onlookers gathered in New York City's famous square to watch the projected results appear on the big screens and news tickers which surround the so-called "Crossroads of the World".

"I'm very excited about that. I was pretty nervous about the election -- more than I was four years ago, but I'm very excited and I'm very relieved," said Christina Flores, who lives in New York.

For others the news signaled a promise that things would stay "on track". "I think that this is a really important step in the progress of the U.S. especially in this like healthcare," explained Jennifer Gottesfeld from Los Angeles. Obama defeated Republican candidate Mitt Romney in a series of key swing states despite a weak economic recovery and persistent high unemployment as U.S. voters decided between two starkly different visions for the country.