usatoday_20170111_USA_Today

WEDNESDAY, JANUARY 11, 2017 MONEY5B

Up on human genome sequencing plans.

CEO eases growth prospect worries, shares advance.

Preliminary quarterly results top estimates.

Shares up on China outlook.

Stock rating raised to buy on Virgin America deal.

Rises as Sanofi plans to appeal Praluent case.

Sales began to rebound in December.

Shares up as company introduces new modules.

Company sees higher profit in 2017.

Shares rises in optimistic market.

Price target lowered, shares follow.

Opana ER will be reviewed by FDA, shares dip.

2017 outlook misses estimates.

Breaks winning streak and dips for first time in 2017.

Stock rating cut to neutral at UBS.

Rent growth might slow in 2017.

Fund manager buys, shares lose momentum.

Reverses gain on positive note as sector suffers.

Keeps rating but shares dip in losing industry.

Fund manager cuts; negative business outlook. IN-DEPTH MARKETS COVERAGE

USATODAY.COM/MONEY

TOP 10 MUTUAL FUNDS

Fund, ranked by size NAV Chg. 4wk^1 YTD^1

COMMODITIES

Commodities Close Prev. Chg. % Chg. % YTD

TOP 10 EXCHANGE TRADED FUNDS

ETF, ranked by volume Ticker Close Chg. % Chg %YTD

FOREIGN CURRENCIES

Currency per dollar Close Prev. 6 mo. ago Yr. ago

FOREIGN MARKETS

Country Close Prev. Change %Chg. YTD %

MORTGAGE RATES

Type Close 6 mo ago

INTEREST RATES

Type Close 6 mo ago

1 – CAPITAL GAINS AND DIVIDENDS REINVESTED

Vanguard 500Adml 209.46 unch. +0.6% +1.4%

Vanguard TotStIAdm 56.90 +0.07 +0.4% +1.5%

Vanguard InstIdxI 206.68 unch. +0.6% +1.4%

Vanguard TotStIdx 56.88 +0.07 +0.4% +1.5%

Vanguard InstPlus 206.69 unch. +0.6% +1.4%

Vanguard TotIntl 15.05 +0.03 +1.3% +2.2%

Vanguard TotStIIns 56.91 +0.07 +0.4% +1.5%

Vanguard WelltnAdm 68.08 +0.02 +0.8% +0.9%

American Funds GrthAmA m 43.20 +0.17 +1.1% +2.8%

American Funds IncAmerA m 21.86 -0.01 +0.8% +0.9%

Dirx Jr GoldMin Bull JNUG 8.44 +0.52 +6.6% +51.3%

VanE Vect Gld Miners GDX 22.62 +0.16 +0.7% +8.1%

Dir Dly Gold Bull3x NUGT 9.54 +0.17 +1.8% +24.9%

SPDR S&P500 ETF Tr SPY 226.46 unch. unch. +1.3%

SPDR Financial XLF 23.43 +0.05 +0.2% +0.8%

iShs Emerg Mkts EEM 36.12 +0.21 +0.6% +3.2%

CS VelSh 3xInvrsNGs DGAZ 4.12 -0.72 -14.9% +36.0%

iShs China Large Cap FXI 36.27 +0.47 +1.3% +4.5%

Barc iPath Vix ST VXX 21.90 -0.14 -0.6% -14.2%

US Oil Fund LP USO 11.07 -0.24 -2.1% -5.5%

Prime lending 3.75% 3.50%

Federal funds 0.66% 0.40%

3 mo. T-bill 0.50% 0.28%

5 yr. T-note 1.88% 0.95%

10 yr. T-note 2.38% 1.36%

30 yr. fixed 3.99% 3.64%

15 yr. fixed 3.14% 2.67%

1 yr. ARM 3.06% 2.79%

5/1 ARM 3.34% 2.86%

Cattle (lb.) 1.20 1.17 +0.03 +2.6% +0.4%

Corn (bushel) 3.58 3.60 -0.02 -0.5% +1.8%

Gold (troy oz.) 1,184.20 1,183.50 +0.70 +0.1% +3.0%

Hogs, lean (lb.) .65 .64 +0.01 +2.0% -1.7%

Natural Gas (Btu.) 3.28 3.10 +0.18 +5.6% -12.0%

Oil, heating (gal.) 1.61 1.64 -0.03 -1.6% -5.5%

Oil, lt. swt. crude (bar.) 50.82 51.96 -1.14 -2.2% -5.4%

Silver (troy oz.) 16.80 16.63 +0.17 +1.0% +5.4%

Soybeans (bushel) 10.06 9.97 +0.09 +0.9% +0.9%

Wheat (bushel) 4.27 4.27 unch. -0.1% +4.6%

British pound .8222 .8222 .7721.

Canadian dollar 1.3229 1.3229 1.3044 1.

Chinese yuan 6.9240 6.9348 6.6867 6.

Euro .9470 .94 55 .9051.

Japanese yen 115.73 116.06 100.46 117.

Mexican peso 21.7428 21.3693 18.4974 17.

Frankfurt 11,583.30 11,563.99 +19.31 +0.2% +0.9%

Hong Kong 22,744.85 22,558.69 +186.16 +0.8% +3.4%

Japan (Nikkei) 19,301.44 19,454.33 -152.89 -0.8% +1.0%

London 7,275.47 7,237.77 +37.70 +0.5% +1.9%

Mexico City 45,886.27 45,553.52 +332.76 +0.7% +0.5%

DOW

JONES

INDUSTRIAL AVERAGE

MAJOR INDEXES

S&P

500

STANDARD & POOR ' S

NASDAQ

COMPOSITE

RUSSELL

RUSSELL 2000 INDEX

DJIA

COMP

+13.

SPX

-31.

CHANGE: -.2%

YTD: +92.

YTD % CHG: +.5%

CHANGE: unch.

YTD: +30.

YTD % CHG: +1.3%

CHANGE: +.0%

YTD: +13.

YTD % CHG: +1.0%

CHANGE: +.4%

YTD: +168.

YTD % CHG: +3.1%

CLOSE: 19,855.

PREV. CLOSE: 19,887.

RANGE: 19,836.03-19,957.

CLOSE: 2,268.

PREV. CLOSE: 2,268.

RANGE: 2,265.27-2,279.

CLOSE: 1,370.

PREV. CLOSE: 1,357.

RANGE: 1,357.74-1,371.

CLOSE: 5,551.

PREV. CLOSE: 5,531.

RANGE: 5,528.11-5,564.

+20.

unch.

SOURCES: MORNINGSTAR, DOW JONES INDEXES, THE ASSOCIATED PRESS

SOURCE: BANKRATE.COM

Company (ticker symbol) Price $ Chg % Chg % Chg

Company (ticker symbol) Price $ Chg % Chg % Chg

YTD

YTD

SOURCE: BLOOMBERG AND THE ASSOCIATED PRESS

S&P 500’S BIGGEST GAINERS/LOSERS

RUT

LOSERS

GAINERS

SOURCE BLOOMBERG

MARKET PERFORMANCE BY SECTOR

CBOE VOLATILITY INDEX

11.

0

10

20

30

40

Measures expected market volatility

based on S&P 500 index options pricing:

-0.08 (-0.7%)

S&P 500 P/E RATIO

The price-to-earnings ratio, based on

trailing 12-month “operating” earnings:

0

15

7.5 22.

30

20.

unch. (unch.)

SECTOR

PERFORMANCE

DAILY YTD

Energy

Industrials

Materials

Technology

Utilities

Consumer discret.

Telcom

Consumer staples

Health care

Financials

22.9%

18.7%

16.6%

15.3%

11.0%

6.9%

3.2%

1.9%

-0.7%

-1.7%

-0.9%

0.4%

0.1%

unch.

-0.3%

0.4%

0.1%

-0.5%

0.4%

0.2%

Illumina (ILMN) 165.04 +23.50 +16 .6 +28.

Boston Scientific (BSX) 23.61 +1.42 +6.4 +9. 2

Zimmer Biomet Holdings (ZBH) 113.67 +6.67 +6.2 +10.

Freeport-McMoRan (FCX) 15.55 +.87 +5.9 +17.

Alaska Air Group (ALK) 92.00 +4.53 +5.2 +3.

Regeneron Pharmaceuticals (REGN) 373.00 +17.94 +5.1 +1. 6

Chipotle Mexican Grill (CMG) 414.48 +19.42 +4.9 +9.

Qorvo (QRVO) 56.40 +2.03 +3.7 +7.

General Motors (GM) 37.35 +1.34 +3.7 +7. 2

Delphi Automotive (DLPH) 70.47 +2.41 +3.5 +4.

Williams Companies (WMB) 28.50 -3.43 -10.7 -8.

Endo International (ENDP) 15.31 -1.10 -6.7 -7.

Ventas (VTR) 61.16 -2.29 -3.6 -2.

Verisign (VRSN) 79.25 -2.57 -3.1 +4.

CF Industries (CF) 32.73 -1.04 -3.1 +4.

Welltower (HCN) 66.32 -2.08 -3.0 -.

Envision Healthcare (EVHC) 65.22 -2.03 -3.0 +3.

Halliburton (HAL) 54.64 -1.43 -2.6 +1.

OneOK (OKE) 56.07 -1.41 -2.5 -2.

HCP (HCP) 30.05 -.76 -2.5 +1.

AMERICA’S MARKETS

ALL THE MARKET ACTION IN REAL TIME.

MARKETS.USATODAY.COM

A: There’s a joke on Wa l l S t r e et
that a long-term investor is one
who is losing so much money on
a stock that they can’t afford to
sell it. But there’s more to being a
patient investor than just some-
one who doesn’t want to realize a
loss.
Investors are constantly re-
minded that the biggest spoils go
to those who wait. Long-term in-
vestors should expect to keep
their money in the market for
many years, not months or even a
year or two. The data certainly

bear this out.

The Standard & Poor’s 500

rose 6.5% on average each of the

two years between Jan. 1, 201 5,

and Dec. 31 , 2016 , Index Fund

Advisors says. But investors who

held on for five years through the

end of last year earned a 14.6%

average annual return.

The time periods you choose

certainly can alter these num-

bers. The 10-year average annual

gain between Jan. 1, 200 7, and

Dec. 31 , 2016 , was 6.95%, which is

below the market’s very long av-

erage annual return of roughly

10 %.

But that’s the point.

The longer investors stay in the

market and ignore the short-term

ups and downs, the more they

can capture the power of earn-

ings, growth and the profits of

capitalism.

INVESTINGASK MATT

Q: What is a ‘long-term’ investor,anyway?

Stay in game for many years

Matt Krantz
[email protected]
USA TODAY

Valeant Pharmaceuticals

The specialty pharmaceutical company reported

that it will sell some of its business segments for

around $ 2 billion. It intends to use proceeds to re-

duce its debt load. Along with positive results for its

late-stage psoriasis trial, shares traded higher.

STORY STOCKS

4-WEEK TREND

$

$

Dec. 13 Jan. 10

4-WEEK TREND

$

$

Dec. 13 Jan. 10

4-WEEK TREND

$

$

Dec. 13 Jan. 10

$16.

$42.

$96.

Change

$ 1.

%chg

6 .8%

Price: $ 16. 40 Day’s high: $ 17 .55 Low: $ 16. 10

Yahoo

CEO Marissa Mayer and co-founder David Filo plan

to step down from the company’s board when its

sale to Verizon is complete. The tech firm also plans

to change its name to Altaba.

Change

$0. 96

%chg

2.3%

Price: $ 4 2. 30 Day’s high: $ 4 2. 37 Low: $ 41 .5 4

Change

$2.0 3

%chg

2.1%

Price: $ 96. 75 Day’s high: $ 97. 90 Low: $ 9 5.

Alibaba

The Chinese e-commerce company is pushing to

buy Intime Retail, a department store and mall op-

erator in China. The deal is worth about $ 2 .6 billion

and is a 53 .6% premium over the stock’s 60-day av-

erage closing price. It already owns a 28% stake.

AP

5,551. 82

19, 8 55.

July

July

Jan.

Jan. July Jan.

DOW JONES INDUSTRIALS

NASDAQ COMPOSITE

20,

17,

5,

4,

STANDARD & POOR’S 500

2,

2,

2,26 8.

The Internal Revenue Service
should shift its focus from tax en-
forcement to taxpayer service in
an effort to build trust and confi-
dence, a new government report
says.
The nation’s t a x a g ency cur-
rently spends nearly half its $11. 2
billion appropriated budget on
audits and enforcement and less
than 6 % on taxpayer outreach

and education, National Taxpayer

Advocate Nina Olson said Tues-

day in an annual report to

Congress.

As a result, IRS employees

were able to answer only 38% of

the taxpayer phone calls during

the federal government’s 2015 fis-

cal year and 53% last year, the re-

port said. Those who managed to

get through waited on hold for an

average of 3 0 minutes and 1 8

minutes, respectfully, in those

years.

“To create an environment

that encourages taxpayer trust

and confidence, the IRS must

change its culture from one that

is enforcement-oriented to one

that is service-oriented,” said Ol-

son, who heads the independent

IRS office focused on taxpayer

rights. “This is not to say we

should ignore those who are ac-

tively evading tax,” Olson added.

“Rather, it is to say we should de-

sign our tax system around the

taxpayers who are trying to com-

ply, instead of those who are ac-

tively trying not to.”

IRS Commissioner John Kos-

kinen said he “reject(s) inaccu-

rate stereotypes that the IRS is

just focused on tax enforcement.”

“We strongly believe that a bal-

anced approach to taxpayer ser-

vice and tax enforcement is

critical to running a sound tax

system,” Koskinen added.

However, the call for a mission

overhaul could resonate on Capi-

tol Hill during this year’s start of

anew White House administra-

tion and a congressional session

expected to focus on tax reform

and other issues involving the

IRS. The report said the tax code

should be simplified to provide

easier filing for individuals and

businesses.

“In an enforcement-oriented

tax agency, if taxpayers ... make a

mistake, they are treated as if

they are tax evaders,” the report

said. “This treatment, in turn,

breeds resentment.”

IRS urged to shift focus away from tax enforcement

Kevin McCoy
@kmccoynyc
USA TODAY

J. DAVID AKE, AP