Voter turnout for South Korea's 21st presidential election on Tuesday hit 79.4 percent, the highest since 1997, the country’s National Election Commission (NEC) said late on Tuesday.
Lee Jae-myung of South Korea's majority liberal Democratic Party took a commanding lead in exit polls published after balloting had closed in the snap presidential election.
South Korean voters' expectations for the new government are mainly focused on the economy, with inflation and the country’s long-term economic prospects high in voters’ minds.
"The prices of goods in the supermarket are too high. I hope the prices can stabilize as much as possible," said a citizen.
"In terms of the economy, a variety of policies are needed. In the past, many aspects seemed to be at a standstill. I hope that this time we can elect a president who can formulate policies beneficial for the development of domestic demand," said another citizen.
Lee was ahead with 51.7 percent of the vote according to an exit poll, jointly conducted by three terrestrial broadcasters, surpassing Kim Moon-soo of the conservative People Power Party who exit polls showed had garnered 39.3 percent of the vote.
Polls opened at 6:00 local time (2100 GMT Monday) and closed at 20:00 (1100 GMT Tuesday) on Tuesday with preliminary results expected in the early hours of Wednesday, and final counting completed later on Wednesday.
Nearly 80 pct turnout in S Korea's presidential election, highest in 28 years
U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.
The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.
Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.
Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.
Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.
In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.
Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.
U.S. stocks close higher amid criminal probe into Fed chair Powell
