UPDATE | US stocks rise as metals and machinery companies strengthen

NEW YORK (AP) — Stocks are rising today as machinery and chemicals companies rise. The weaker dollar is giving metals prices a boost and could make U.S. goods more affordable in markets overseas.

The Dow Jones industrial average rose 46 points, or 0.3 percent, to 17,984 as of 12:40 p.m. Eastern time. The Standard & Poor's 500 index gained 5 points, or 0.2 percent, to 2,116. The Nasdaq composite rose 10 points, or 0.2 percent, to 4,972.

Machinery maker Caterpillar jumped $1.16, or 1.5 percent, to $77.97 and engine maker Cummins picked up $1.79, or 1.5 percent, to $118.94. Gold and copper producer Freeport-McMoRan added 39 cents, or 3.5 percent, to $11.63, gold producer Newmont Mining gained 80 cents, or 2.3 percent, to $35.75 and aluminum company Alcoa rose 17 cents, or 1.7 percent, to $9.96.

The dollar declined to 106.78 yen from 107.31 yen late Tuesday. The euro edged up to $1.1401 from $1.1361.

The dollar has lost some of its strength in the wake of Friday's disappointing jobs report. That's helped mining companies and chemicals and machinery makers because a weaker dollar makes U.S. goods more affordable in other countries. Metals prices climbed. Gold rose 1.3 percent and silver gained 4 percent.

Benchmark U.S. crude gained 81 cents, or 1.6 percent, to $51.17 per barrel in New York. Brent crude, used to price international oils, gained 97 cents, or 1.9 percent, to $52.41 per barrel in London.

U.S. crude has risen over the last few days as the dollar weakened. On Tuesday, U.S. crude closed at more than $50 a barrel for the first time since July.