PARIS — French voters on Sunday elected Socialist Francois Hollande as president, rejecting Nicolas Sarkozy’s push for austerity and anti-immigration rhetoric in his re-election bid.

Exuberant, diverse crowds filled the Place de la Bastille, the iconic plaza of the French Revolution, to fete Mr. Hollande’s victory, waving French, European and labor union flags. Leftists are overjoyed to have one of their own in power for the first time since Socialist Francois Mitterrand was president from 1981 to 1995.

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