Huge crowds went wild outside the Vatican at 2:06 p.m. New York time as bells rang and white smoke was seen pouring from the Sistine Chapel -- indicating that Roman Catholic cardinals have chosen the 266th pope.

The introduction of the newly elected pope on the balcony of St. Peter's is expected soon.

The 115 cardinals began the conclave on Tuesday following the resignation of Benedict XVI, the first pontiff to resign in 600 years.

A two-thirds majority was required to elect the next pope.

UPDATE: Jorge Mario Bergoglio, 76, the archbishop of Buenos Aires has been chosen as the 266th pope.