Jorge Silva / Reuters
Venezuelan President Hugo Chavez celebrates from a balcony at Miraflores Palace in Caracas on Sunday night.
By NBC News staff and wire reports
CARACAS, Venezuela -- President Hugo Chavez scored a comfortable election victory that could extend his rule to 20 years and vowed to deepen his self-styled socialist revolution after a bitterly fought race against a youthful rival who has galvanized Venezuela's opposition.
Tens of thousands of ecstatic supporters thronged the streets around the presidential palace in downtown Caracas, pumping fists in the air and shouting Chavez's name after the former soldier beat opposition candidate Henrique Capriles by more than 9 percentage points. However,?Chavez only got 135,000 more votes this time around than he did six years ago, while the opposition boosted its tally by 1.85 million.?
Capriles, a state governor, had accused the flamboyant incumbent of unfairly leveraging to his advantage Venezuela's oil wealth as well as his near total control of state institutions.
Capriles also narrowed Chavez's margin of victory to his smallest yet in a presidential contest. With 90 percent of the votes counted, NBC News reported that Chavez had 54 percent of the vote against 45 percent for Capriles. In 2006, Chavez's margin of victory was 27 points.
Replica sword
The new six-year term will let Chavez consolidate his control over Venezuela's economy by extending a wave of nationalizations and continue his support for left-wing allies in Latin America and around the world. It also?cemented Chavez as a dominant figure in modern Latin American history.
"Truthfully, this has been the perfect battle, a democratic battle," Chavez thundered from the balcony of the presidential palace on Sunday, waving a replica of the sword of independence hero Simon Bolivar.?"Venezuela will continue along the path of democratic and Bolivarian socialism of the 21st century."
PhotoBlog: Chavez wields Bolivar sword at victory rally
Supporters dripping with sweat strained to catch a glimpse of Chavez from the street below the palace while dancing and drinking rum.
More Venezuela coverage from NBC News
It was an extraordinary victory for a leader who just a few months ago feared for his life as he struggled to recover from cancer.?Chavez spoke little during the campaign about his fight with cancer, which since June 2011 has included surgery to remove tumors from his pelvic region as well as chemotherapy and radiation treatment. He has said his most recent tests showed no sign of illness.
'Protecting the poor'
Casting himself as an heir to Bolivar, Chavez has poured billions of dollars in oil revenues into anti-poverty programs, and skillfully used his humble roots and folksy oratory to build a close connection with the masses.
"Chavez is my joy. He will continue protecting the poor and defenseless," said Gladys Montijo, 54, a teacher.
A retired lieutenant colonel who first won fame with a failed 1992 coup,?Chavez has become Latin America's principal anti-U.S. agitator. He has criticized Washington while getting close to U.S. adversaries including Cuba and Iran.
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Chavez may launch nationalizations in some largely untouched corners of the economy, including the banking, food and health industries. He took advantage of his landslide win in 2006 to order takeovers in the telecoms, electricity and oil sectors.
Opposition leaders appeared crushed by the loss.
It followed nearly a month of euphoria as Capriles, 40, polished his stump speeches, held increasingly fervent rallies and appeared be to gaining ground in the polls.
Ariana Cubillos / AP
Opposition presidential candidate Henrique Capriles conceded defeat on Sunday.
The youthful state governor put on a brave face, celebrating his "house-by-house" campaign as the start of a long road to changing the direction of the country.
"I gave it my all and I'm proud of what we built," a subdued Capriles told supporters at his campaign headquarters.
"I will continue to work for Venezuela," he said.
Capriles had vowed to seriously address violent crime that has spun out of control, streamline a patronage-bloated bureaucracy and end rampant corruption, but his promises proved inadequate against Chavez's charisma, well-oiled political machine and legacy of putting Venezuela's poor first with generous social welfare programs.
Capriles told supporters not to feel defeated.
"We have planted many seeds across Venezuela and I know that these seeds are going to produce many trees," he told them.
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He and other leaders of the Democratic Unity coalition must now prepare for state governorship elections in December, when they will hope at least to increase the opposition's influence at the local level.
Though Capriles was indisputably the strongest candidate to face Chavez since the leftist leader's election in 1998, few in the opposition thought the fight was fair.
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The life of Venezuelan president Hugo Chavez from his rise as a lieutenant colonel after his failed coup attempt in 1992.
Chavez made ample use of state television and spent 47 hours in "chain" broadcasts that force other television stations to carry speeches peppered with political commentary.
He also handed out homes and pensions financed with state funds, often in ceremonies that glorified his administration, while warning that the opposition would rescind such benefits.
NBC's Kerry Sanders answers reader questions about the elections
The spending spree has weakened the country's finances and may force a currency devaluation in early 2013, likely spurring inflation that has been a top complaint among his supporters.
The election result is likely to prompt a sell-off in Venezuelan bonds, which have jumped in recent weeks on Wall Street optimism about a possible Capriles win.
Relations with Washington are also likely to remain on edge, though Venezuelan oil has continued to flow to the United States over the years despite the diplomatic tension.
Venezuelan President Hugo Chavez faced his first serious challenger after 14 years as head of state. Chavez has used huge profits from oil exports here to benefit the poor. NBC's Kerry Sanders reports.
His latest election win continues a remarkable story that began with his birth on July 28, 1954 in a mud hut belonging to his grandmother in the rural village of Sabaneta.
He joined the army and spent years plotting before a failed coup in 1992 against President Carlos Andres Perez.
Red beret
On his way into jail, wearing a red military beret that was to become his trademark, Chavez gave a two-minute televized speech admitting that his revolution had failed "for now." The speech electrified the nation and launched his political career.
Pardoned in 1994, Chavez began crisscrossing the country sharing his vision and eventually shocking the political elite by sweeping to victory at the ballot box in 1998.
With private media and business leaders opposed to his rule, Chavez was briefly toppled by army dissidents and street protests in 2002 -- but returned two days later thanks to military loyalists and popular counter-demonstrations.
He also survived an economically crippling oil strike.
Reuters, The Associated Press and NBC News staff contributed to this report.
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Source: http://worldnews.nbcnews.com/_news/2012/10/08/14287713-venezuelas-hugo-chavez-wins-3rd-term-vows-to-deepen-socialist-revolution?lite
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