Edit a list with the editor toolbar

Double click on any List item or hit Edit to enter the edit mode. A slight color change will happen and you will see the editing toolbar with all your available options,

...or use keyboard shortcuts

Tab	Indent item
Shift+Tab	Outdent item
Ctrl+T	Add tag to list item (Edit Mode)
Shift+Enter	Line break
Esc	Cancel edit
Ctrl+K	Hyperlink

Plus the text editor formatting options:
Bold (Ctrl+B), Italic (Ctrl+I) and Underline (Ctrl+U)...