SAN FRANCISCO (MarketWatch) -- Egypt's military announced on state TV Wednesday it had ousted President Mohammed Morsi and suspended the constitution. The chief of the constitutional court is to assume the presidency and new elections will be called. CNN showed Egyptians cheering the broadcast on the streets and fireworks were seen. Morsi had defied an ultimatum by the military and hopes of reconciliation faded, and for a "strong and stable" Egypt a "roadmap" will follow, the military said.