Adly Mansour, head of Egypt's constitutional court was sworn in Thursday morning as the military issued arrest warrants for the leaders of the Muslim Brotherhood.
The swearing-in ceremony was broadcast live on Egyptian television. Mansour, 67, will serve as interim president replacing ousted Islamist President Mohammad Morsi.
“I swear to preserve the system of the republic, and respect the constitution and law, and guard the people’s interests,” Mansour said during the ceremony.
Speaking after the ceremony, Mansour said, "The revolutionaries of Egypt are everywhere and we salute them all, those who prove to the world that they are strong enough, the brave youth of Egypt, who were the leaders of this revolution."
Mansour will fill the role until presidential elections are held, for which a date has not yet been set.
President Mohammed Morsi was deposed from power on Wednesday evening by the Egyptian military, which deployed tanks in the streets and reportedly placed the Muslim Brotherhood-aligned former president under house arrest at an undisclosed location.
Morsi had refused to step down after disgruntled Egyptians poured into the streets in massive rallies over the past week calling for his resignation. The military had issued him an ultimatum which said that if Morsi did not come to an agreement with the opposition the army would implement its own roadmap for governance of the country with a population of 90 million.
Morsi dug in his heels, insisting he was a legitimately and democratically elected president.
Egypt's general prosecutor on Thursday ordered the arrest of the top Muslim Brotherhood leaders, including Supreme Guide Mohammad Badie and his deputy Khairat el-Shater. They are being accused of inciting to violence.
Millions continued celebrating through the night but at least nine people were killed overnight in clashes around the country during which Islamists fired on police.
Al Arabiya reports that the Egyptian stock market rallied, with the main index leaping 6.4 percent in response to Morsi’s departure and the hopes of increased prosperity and an improved tourism outlook, now that the Islamists are no longer in charge.
Trading was suspended minutes after the opening on Thursday, because according to Al Arabiya, “A jump in share prices by more than 5 percent triggers a half-hour suspension.”