Hillary Clinton's narrow but stunning upset victory over Barack Obama in the Democratic New Hampshire primary Tuesday has shaken up the race to the White House.

On Wednesday, Clinton's camp said the win has revived its fundraising campaign, which has raised more than US$750,000 since her late night win. But Obama also bounced back, with two major union endorsements that many political pundits say will likely help him win the Nevada caucuses on January 19.

The New Hampshire results will also lead to a competitive race in South Carolina a week later. Unlike New Hampshire, the state has a large African-American population, which could change the dynamics of the race for the leadership of the Democratic Party.

But African-American votes will not necessarily go to Obama because he's a black candidate, says Peter Beinhart of The New Republic.

"The Clintons have enormous reservoirs of support in the black community," Beinhart told CTV Newsnet's Mike Duffy Live.

"Remember Toni Morrison, the African-American novelist, famously called Bill Clinton America's first black president. (The Clintons) have a very deep and long history with the African-American community."

Beinhart said the New Hampshire win has revived what many had predicted was a dying Clinton campaign.

Clinton's victory in the Granite State could lead to a long Democratic leadership race, says a U.S. presidential historian.

"This could go all the way to South Dakota in June," Allan Lichtman told Canada AM on Tuesday.

Polls before Tuesday's vote gave Obama, winner of last week's Iowa caucuses, a lead of up to 13 points over Clinton, who finished third in that contest.

In New Hampshire, Clinton, a New York senator, emerged with 39 per cent of the vote. Obama captured 37 per cent, and former North Carolina senator John Edwards captured about 17 per cent.

Lichtman said Clinton won on the strength of her support among women voters.

"The women came home," he said. "Hillary Clinton yesterday made history by becoming the first woman in American history to win a major party primary, and she did it with the women.

"She was 12 points ahead or so among women voters, 11 points behind among male voters, and therein lies her victory."

Lichtman, who teaches at American University in Washington, D.C., said primaries are notoriously difficult to poll accurately, and there may have been a late surge after Clinton showed a more human side on Monday.

At a campaign event in Portsmouth, she was asked how she kept going. Clinton declared -- with her eyes welling up and voice breaking -- that this race "is very personal for me. It's not just political.

"Some of us put ourselves out there and do this against some pretty difficult odds and we do it, each one of us, because we care about our country," she said. "But some of us are right and some of us are wrong. Some of us are ready and some of us are not."

Lichtman said if Clinton shows herself as a real person and not as an "ice lady," she will be a formidable candidate in the primaries to come.

He thinks it has now become a two-candidate race between Clinton and Obama, the rookie senator from Illinois.

While there have been arguments about whether he's helped or hurt his wife's campaign, Lichtman said Bill Clinton -- the two-term Democratic president -- is the outstanding Democratic politician of these times.

"Never underestimate the persuasive power of Bill Clinton," he said.

Obama drew huge crowds in New Hampshire, but he didn't achieve the same degree of dominance among young voters there that he did in Iowa, according to an Associated Press analysis.

In New Hampshire, undeclared voters could vote in either the Republican or Democratic primaries, and huge numbers of them voted for Arizona Sen. John McCain, which means they couldn't vote for Obama.

While Obama did well among independents, Clinton did slightly better with New Hampshire's independents than she did with the ones in Iowa.

Clinton also benefited more from "late deciders" in New Hampshire than she did in Iowa.

After Nevada and South Carolina, all of the campaigns will gear up for what's being called "Tsunami Tuesday," the day that voters in more than 20 states will go to primary polls.

The Republicans

McCain -- whose campaign seemed moribund during the summer of 2007 -- didn't put much effort into Iowa, but did pull out the stops in New Hampshire, where he won the 2000 primary.

On Tuesday night, the 71-year-old captured 37 per cent of the vote. Former Massachusetts governor Mitt Romney was second with 32 per cent. Former Arkansas governor Mike Huckabee -- the Iowa winner -- was third with 11 per cent and former New York mayor Rudolph Giuliani came in fourth with nine per cent.

Beinhart said that a seemingly improving situation in Iraq and the fact that the immigration debate "has cooled a little bit" helped McCain's campaign.

Lichtman noted that the Republican race is still just as unpredictable as the Democratic one.

"Let's not again make the mistake that one swallow makes the spring," he said. "How well is McCain going to play in the South? He could even lose to (Mitt) Romney in Michigan (on Jan. 15)."

Huckabee, a Baptist minister, won in Iowa where there was three times the number of evangelical voters as in New Hampshire, AP said.

While McCain did very well among independents in New Hampshire, independents can't vote in the Republican primary in South Carolina. McCain lost there to George Bush in 2000.

South Carolina's primary is on Jan. 19, with Florida following on Jan. 29.

Giuliani plans to focus on Florida, while former senator and "Law and Order" star Fred Thompson is focusing on South Carolina. Both men barely campaigned in New Hampshire.

The Republicans will also have a Super Tuesday on Feb. 5.

With files from The Associated Press