If gains hold, this will be the Dow and S&P’s best January returns since 2019 and the best inauguration month return since January 2013, at the start of former President Barack Obama’s second term.

The S&P 500 added 0.4% on Thursday, Jan. 30, as a report showed consumer spending continued to buoy economic growth.

The S&P 500 was muted on Thursday as losses in tech heavyweights Microsoft and Nvidia countered earnings-led gains for Meta ...