By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Stocks are drifting on Wall Street Thursday, as oil prices jump after President Donald Trump announced “massive” new sanctions on Russia’s crude industry.

The S&P 500 added 0.1% in early trading and crept a bit closer to its all-time high set earlier this month. The Dow Jones Industrial Average was up 19 points, or less than 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.

Tesla weighed on the market after reporting a weaker profit for the latest quarter than analysts expected, even though its revenue rose more than forecast. The electric-vehicle company’s stock fell 5.1%.

IBM dropped 5.5% despite reporting better profit and revenue than analysts expected. Wall Street focused instead o

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