a feeling of or the expression of joy or exultation: Their jubilation subsided when they lost the second game.
a joyful or festive celebration.

1350–1400; Middle English jubilacioun (< Anglo-French) < Latin jūbilātiōn- (stem of jūbilātiō) a shouting for joy, equivalent to jūbilāt- (see jubilate) + -iōn- -ion

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World English Dictionary
jubilation (ˌdʒuːbɪˈleɪʃən)
a feeling of great joy and celebration

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Each of them did so amid scenes of jubilation and rejoicing.
They follow the same form: relief mixed with jubilation that law enforcement is
  keeping our homeland safe.
Such jubilation is understandable, but it may be slightly premature.
After the second marker was placed three kilometers to the east, there was
  jubilation in the air.
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