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The Valar could be compared to "Minor Gods" in different RL mythologies, and has there powers after.. if you know what i mean. If you seek information about every single kind of power they have i'd suggest you look at they're information-pages at http://lotr.wikia.com/wiki/
If you seek a better answer i'd advice you to read Ainulindalë and Valaquenta, the first two chapters of The Silmarillion, and i believe its in The Book of Lost Tales aswell. In those chapters you read about the Valars and the other Ainurs.