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Biden thanks Kenya's Ruto for sending police to Haiti and defends keeping US forces from the mission

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Biden thanks Kenya's Ruto for sending police to Haiti and defends keeping US forces from the mission
News

News

Biden thanks Kenya's Ruto for sending police to Haiti and defends keeping US forces from the mission

2024-05-24 07:55 Last Updated At:08:00

WASHINGTON (AP) — President Joe Biden on Thursday expressed deep appreciation to Kenyan President William Ruto for the coming deployment of Kenyan police forces to help quell gang violence in Haiti and he defended his decision to withhold American forces from the mission in the beleaguered Caribbean nation.

The United States has agreed to contribute $300 million to a multinational force that will include 1,000 Kenyan police officers, but Biden argued that an American troop presence in Haiti would raise “all kinds of questions that can easily be misrepresented."

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Kenya's President William Ruto speaks during a news conference with President Joe Biden in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

WASHINGTON (AP) — President Joe Biden on Thursday expressed deep appreciation to Kenyan President William Ruto for the coming deployment of Kenyan police forces to help quell gang violence in Haiti and he defended his decision to withhold American forces from the mission in the beleaguered Caribbean nation.

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto hold a news conference n the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto hold a news conference n the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto talk following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto talk following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and first lady Jill Biden greet Kenya's President William Ruto for a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and first lady Jill Biden greet Kenya's President William Ruto for a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden speaks Kenya's President William Ruto listens during a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden speaks Kenya's President William Ruto listens during a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto speak during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto speak during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

Kenya's President William Ruto, right, and President Joe Biden attend a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

Kenya's President William Ruto, right, and President Joe Biden attend a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden salutes and first lady Jill Biden, Kenya's President William Ruto and Kenya's first lady Rachel Ruto, wave from the Blue Room Balcony during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden salutes and first lady Jill Biden, Kenya's President William Ruto and Kenya's first lady Rachel Ruto, wave from the Blue Room Balcony during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci, Pool)

President Joe Biden and Kenya's President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci, Pool)

President Joe Biden shakes hands with Kenya's President William Ruto at the end of a news conference in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden shakes hands with Kenya's President William Ruto at the end of a news conference in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenyan President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (Leah Millis/Pool Photo via AP)

President Joe Biden and Kenyan President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (Leah Millis/Pool Photo via AP)

President Joe Biden and Kenya's President William Ruto hold a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto hold a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

A guests holds a program before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

A guests holds a program before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

Kenya's President William Ruto speaks as President Joe Biden looks on, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks as President Joe Biden looks on, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto talk during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto talk during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto shake hands during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

Kenya's President William Ruto speaks during meeting with President and business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks during meeting with President and business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden welcomes Kenya's President William Ruto to the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden welcomes Kenya's President William Ruto to the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands as they meet with business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands as they meet with business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

The Democrat came into office in 2021 pledging to end U.S. involvement in so-called endless wars in the aftermath of 20 years of conflict in Afghanistan and Iraq.

“Haiti is in an area of the Caribbean that is a very volatile,” Biden said at a news conference with Ruto, who was in Washington for the first state visit to the U.S. by an African leader since 2008. “There’s a lot going on in this hemisphere. So we’re in a situation where we want to do all we can without us looking like America once again is stepping over and deciding this is what must be done.”

Ruto, who was honored by Biden with a fancy state dinner on the White House grounds in the evening, also gave a climate policy address and met with former President Barack Obama.

Ruto is facing legal challenges in Nairobi over the decision to commit Kenyan forces to a conflict thousands of miles from home when his own country has no shortage of economic and security challenges. He said that Kenya, as a democracy, has a duty to help.

“Kenya believes that the responsibility of peace and security anywhere in the world, including in Haiti, is the collective responsibility of all nations and all people who believe in freedom, self-determination, democracy and justice," Ruto said. "And it is the reason why Kenya took up this responsibility.”

Some analysts say his move could run afoul of a Kenyan High Court ruling in January that found the deployment unconstitutional because of a lack of reciprocal agreements between Kenya and Haiti. A deal was signed in March, before Ariel Henry resigned as Haiti's prime minister, to try to salvage the plan.

Kenya's moving ahead “gives the impression that the country is lawless and does not believe in the rule of law," said Macharia Munene, an international relations professor at United States International University-Africa.

A difficult assignment is ahead for the Kenyan officers.

Haiti has endured poverty, political instability and natural disasters for decades. International intervention in Haiti has a complicated history. A U.N.-approved stabilization mission to Haiti that started in June 2004 was marred by a sexual abuse scandal and the introduction of cholera, which killed nearly 10,000 people. The mission ended in October 2017.

Biden and Ruto also called on economies around the globe to take action to reduce the enormous debt burden crushing Kenya and other developing nations.

The call to action, termed the Nairobi-Washington Vision, comes as Biden presses his appeal to African nations that the U.S. can be a better partner than economic rival China. Beijing has been deepening its investment on the continent — often with high-interest loans and other difficult financing terms.

Biden and Ruto want creditor nations to reduce financing barriers for developing nations that have been constrained by high debt burdens. They also called on international financial institutions to coordinate debt relief and support through multilateral banks and institutions providing better financing terms.

The White House announced $250 million in grants for the International Development Association, part of the World Bank, to assist poor countries facing crises.

Separately, a $1.2 trillion government funding bill passed by Congress in March allows the U.S. to lend up to $21 billion to an International Monetary Fund trust that provides zero-interest loans to support low-income countries.

“Too many nations are forced to make a choice between development and debt, between investing in their people and paying back their creditors," Biden said.

An Associated Press analysis of a dozen countries most indebted to China — including Kenya — found the debt is consuming an ever-greater amount of tax revenue needed to keep schools open, provide electricity and pay for food and fuel.

Behind the scenes is China’s reluctance to forgive debt and its extreme secrecy about how much money it has loaned and on what terms, which has kept other major lenders from stepping in to help.

Kenya’s debt-to-GDP ratio tops 70%, with the bulk of it owed to China. Credit ratings agency Fitch estimates the Kenya will spend almost one-third of its government revenues just on interest payments this year.

The Biden administration has praised Kenya for stepping up in Haiti when so few other countries have agreed to do so. Biden also announced his intention to designate Kenya as a major non-NATO ally, an acknowledgment of the growing security partnership between the countries.

The designation, while largely symbolic, reflects how Kenya has grown from a regional partner that has long cooperated with U.S. counterterrorism operations on the continent to a major global influence — even extending its reach into the Western Hemisphere. Kenya will be the first sub-Saharan African country to receive the status.

Ruto arrived in Washington on Wednesday and began the visit by meeting with Biden and tech executives from Silicon Valley and Kenya's growing tech sector.

The White House announced it was working with Congress to make Kenya the first country in Africa to benefit from funding through the CHIPS and Science Act, a 2022 law that aims to reinvigorate the computer chip sector within the United States through tens of billions of dollars in targeted government support.

“I think we have a historic moment to explore investment opportunities between Kenya and the United States,” Ruto said.

Despite the optimistic outlook, Kenya has seen a sharp decline in foreign investment since 2017. Net investment for foreign companies has fallen from $1.35 billion in 2017 to $394 million in 2022, according to the World Bank.

Associated Press writers Evelyne Musambi in Nairobi, Kenya, and Josh Boak and Sagar Meghani contributed to this report.

Kenya's President William Ruto speaks during a news conference with President Joe Biden in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

Kenya's President William Ruto speaks during a news conference with President Joe Biden in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto hold a news conference n the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto hold a news conference n the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks during a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024, with President Joe Biden. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto talk following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto talk following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and first lady Jill Biden greet Kenya's President William Ruto for a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and first lady Jill Biden greet Kenya's President William Ruto for a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden speaks Kenya's President William Ruto listens during a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden speaks Kenya's President William Ruto listens during a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto speak during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto speak during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

Kenya's President William Ruto, right, and President Joe Biden attend a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

Kenya's President William Ruto, right, and President Joe Biden attend a State Arrival Ceremony Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden, left, and Kenya's President William Ruto, right, review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Jacquelyn Martin)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, first lady Jill Biden, Kenya's President William Ruto and his wife first lady Rachel Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands following a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden salutes and first lady Jill Biden, Kenya's President William Ruto and Kenya's first lady Rachel Ruto, wave from the Blue Room Balcony during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden salutes and first lady Jill Biden, Kenya's President William Ruto and Kenya's first lady Rachel Ruto, wave from the Blue Room Balcony during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci, Pool)

President Joe Biden and Kenya's President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci, Pool)

President Joe Biden shakes hands with Kenya's President William Ruto at the end of a news conference in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden shakes hands with Kenya's President William Ruto at the end of a news conference in the East Room of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenyan President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (Leah Millis/Pool Photo via AP)

President Joe Biden and Kenyan President William Ruto walk along the Colonnade around the Rose Garden on their way to the Oval Office for a meeting after a State Arrival Ceremony at the White House, Thursday, May 23, 2024, in Washington. (Leah Millis/Pool Photo via AP)

President Joe Biden and Kenya's President William Ruto hold a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto hold a news conference in the East Room of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

A guests holds a program before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

A guests holds a program before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

Guests arrive before President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

Kenya's President William Ruto speaks as President Joe Biden looks on, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks as President Joe Biden looks on, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and first lady Jill Biden welcome Kenya's President William Ruto and first lady Rachel Ruto at a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto talk during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto talk during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto shake hands during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden, right, and Kenya's President William Ruto, attend an Arrival Ceremony as part of Kenya's state visit, Thursday, May 23, 2024, on the South Lawn of the White House in Washington. (AP Photo/Jacquelyn Martin)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto review the troops with Col. David Rowland, commander of the 3rd U.S. Infantry Regiment, The Old Guard, during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23. 2024. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto stand for the U.S. National Anthem during a State Arrival Ceremony on the South Lawn of the White House in Washington, Thursday, May 23, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

President Joe Biden and Kenya's President William Ruto participate in a State Arrival Ceremony on the South Lawn of the White House, Thursday, May 23, 2024, in Washington, with the Washington Monument in the background. (AP Photo/Evan Vucci)

Kenya's President William Ruto speaks during meeting with President and business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

Kenya's President William Ruto speaks during meeting with President and business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden welcomes Kenya's President William Ruto to the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden welcomes Kenya's President William Ruto to the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands as they meet with business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

President Joe Biden and Kenya's President William Ruto shake hands as they meet with business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. (AP Photo/Susan Walsh)

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Stock market today: Wall Street nudges toward more records

2024-06-17 23:43 Last Updated At:23:50

NEW YORK (AP) — U.S. stocks are drifting toward more records in quiet trading Monday ahead of what could be a quiet, holiday-shortened week.

The S&P 500 was 0.2% higher in midday trading and on track to close above its all-time high set on Thursday. The Dow Jones Industrial Average was up 12 points, or less than 0.1%, as of 11:35 a.m. Eastern time. The Nasdaq composite was adding 0.1% to its own record.

Autodesk jumped 4.5% for one of the market's biggest gains after after an investment firm said it will try to delay the software company’s annual meeting so that it can nominate new directors for the board. Starboard Value also outlined how it says Autodesk hasn’t performed as well financially as it should have. In response, Autodesk said it will review Starboard's suggestions but added that it has “a clear strategy that is working.”

Chip company Broadcom rose 3.4% to add to gains from last week after it reported better profit than expected and said it would undergo a 10-for-one stock split to make its price more affordable. It followed Nvidia, the company that’s become the poster child of Wall Street’s frenzy around artificial-intelligence technology and just executed a similar split.

Broadcom was one of the strongest forces pushing the S&P 500 upward, along with a 1.8% rise for Apple and 4.5% jump for Tesla.

They were helping to offset weakness caused by rising Treasury yields in the bond market. The climb in yields erased some of the slack created last week when better-than-expected reports on inflation raised hopes that the Federal Reserve will cut interest rates later this year.

This upcoming week has few top-tier economic reports for the United States, outside of Tuesday’s update on how much customers are spending at U.S. retailers and Friday’s preliminary look at the state of U.S. business activity. Markets will also be closed Wednesday for the Juneteenth holiday.

A report on Monday said manufacturing in New York state is still contracting, though not by as much as economists expected. Manufacturing has been one of the areas hardest hit by the Federal Reserve’s zeal to keep its main interest rate at the highest level in more than two decades.

The Fed is trying to hold rates high for long enough to slow the economy and snuff out high inflation, but it wants to cut rates and reverse the momentum before the slowdown can evolve into a painful recession.

High interest rates hurt all kinds of investments, and they tend to hit some areas particularly hard. Real-estate stocks, for example, can struggle when high rates make conditions tougher for the industry and draw income-seeking investors away from them and toward bonds.

Real-estate investment trusts in the S&P 500 fell 0.9% for the worst loss among the 11 sectors that make up the index. Close behind was a 0.7% drop for utilities, whose relatively big dividends likewise tend to see less interest from buyers when bonds are paying more in interest.

In the bond market, the yield on the 10-year Treasury climbed to 4.29% from 4.22% late Friday. The two-year Treasury yield, which more closely tracks expectations for the Fed, rose by less. It climbed to 4.75% from 4.71%.

In stock markets abroad, European indexes calmed somewhat following last week’s rout. France’s CAC 40 rose 0.9% after tumbling last week to its worst week in two years on worries that potential losses by the president’s centrist party could lead to sharply higher debt for the country.

The modest gains for Europe followed losses in Asia. Japan’s Nikkei 225 dropped 1.8%.

AP Business Writer Elaine Kurtenbach contributed.

FILE - Trader William Lovesick, right works on the floor of the New York Stock Exchange, June 12, 2024. Shares have opened mixed in Europe on Monday, June 17, 2024, as markets recovered from shocks of recent elections across the region. (AP Photo/Richard Drew, File)

FILE - Trader William Lovesick, right works on the floor of the New York Stock Exchange, June 12, 2024. Shares have opened mixed in Europe on Monday, June 17, 2024, as markets recovered from shocks of recent elections across the region. (AP Photo/Richard Drew, File)

FILE - Specialist James Denaro works at his post on the floor of the New York Stock Exchange on June 12, 2024. Global shares were mixed on Friday, June 14, 2024, after Wall Street touched fresh records, with benchmarks pushed higher by the frenzy over artificial intelligence technology. (AP Photo/Richard Drew, File)

FILE - Specialist James Denaro works at his post on the floor of the New York Stock Exchange on June 12, 2024. Global shares were mixed on Friday, June 14, 2024, after Wall Street touched fresh records, with benchmarks pushed higher by the frenzy over artificial intelligence technology. (AP Photo/Richard Drew, File)

Currency traders watch monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 17, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 17, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 17, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 17, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 17, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 17, 2024. (AP Photo/Ahn Young-joon)

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