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They came, they waited in long lines and finally - after one of the most extraordinary presidential elections in history - they voted.

Some were filled with hope, others with fear, still more with a sense that America is at a crossroads where the next president will face a legacy of economic convulsions at home and looming crisis abroad.

Turnout in today's election was expected to shatter records with the queues forming outside polling stations at dawn testament to the energy, excitement and expectations generated by a campaign that has lasted almost two years.

Barack Obama, accompanied by his family, cast his ballot early in Chicago before heading to Indiana to join volunteers seeking to turn out voters in one of his many target states. “The journey ends,” he said, “but voting with my daughters, that was a big deal.” Late polls show the Democrat holding on to a substantial but narrowing lead. He was tonight appearing at a vast election night party in Chicago with 70,000 supporters.

Wall Street rallied earlier, with US stocks rising faster than on any election day for 24 years in anticipation of the Treasury bailing out more stricken financial companies and an end to the uncertainty of the presidential campaign.

Karl Rove, the architect of President Bush’s two victories, said Mr Obama would easily secure the 270 Electoral College votes needed for victory, forecasting a win by the margin of 338 to 200.

Mr McCain, who made two last-ditch campaign stops in Colorado and New Mexico, was planning to address supporters outside a hotel in Phoenix, Arizona.

The Republican insisted that his underdog candidacy had benefitted from a surge of late momentum. But he also struck a valedictory note in a morning interview, saying the campaign had been “one of the most incredible experiences that anyone can have.” He added: “I’ve loved every minute of it. Every day, being able to meet the people we’ve met and go the places we've gone, it’s been an unforgettable experience.”

Democrats continued to ooze confidence. Bill Clinton predicted the election would signal the end of the “extreme agenda” adopted by the Republicans 30 years ago. “Our party tomorrow will wake up with an enormous opportunity but an enormous responsibility.” Mr Obama’s campaign manager, David Plouffe, claimed that new voters - particularly young and black people - were tipping the balance. “We just want to make sure people turn out,” he said. “We think we have enough votes around the country.” The scale of voting across appears to have been immense, suggesting a far greater turnout than the 123 million who cast ballots four years ago.

At the Valley Forge High School in the suburbs of Cleveland, Ohio, there were reports of confusion during the early morning rush. “It was like a zoo here earlier,” admitted Chris Piazza, the main co-ordinator. “One guy had been in line at 5am.” In Raytown, Missouri, Norma Storms, 78, said her driveway was filled with cars left by voters who were unable to get into nearby parking lots. “I have never seen anything like this in all my born days,” she said. “I am just astounded.” But there were also problems at olling stations in many of the swing states, increasing nerves on both sides on a day that Democrats and Republicans accused each other of dirty tricks or voter suppression.

Teams of lawyers for both campaigns - thousands of them - were deployed at precincts across battleground states, poised to file lawsuits at the hint of voter fraud. Mr McCain’s campaign also sued the state of Virginia, seeking to extend by 10 days the deadline for absentee ballots sent by military members abroad.

In Palm Beach, Florida - Ground Zero in the disputed 2000 recount - ballots were rejected because voters had failed to mark their preferences on a second page. Rain in Virginia caused soggy voting slips to be rejected by optical scanning machines.

Voters in Shaker Heights, Ohio, were handed ballots that did not contain the names of either presidential candidate. In Tampa, Florida, boxes of papers with voter information and names were found by an interstate highway, after apparently falling off a truck. In Kansas City, Missouri, one precinct received the wrong voter lists, triggering delays and long queues.

Police in Toledo, Ohio, geared up for possible civil unrest, amid fears that there could be race riots if Mr Obama lost.

But black voters voiced nervous elation that the country might be poised to elect its first African American president. “I never thought I would live long enough to see that,” Alnett Wooten, 86, said as she went to vote in downtown Washington. “God is good. He knows, and I just pray that He will keep him safe.”

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