Even with Tuesday's losses, Boeing's stock price remained the highest in the index, at $385.
A report showing that US consumer prices rose modestly last month - the latest evidence that inflation remains in check - also helped lift stocks.
The market has been rebounding this week following its worst week since December.
"It just goes to show that investors are taking advantage of the pullback we had last week", said Lindsey Bell, investment strategist at CFRA. "In particular, we have seen a sharp rise in United Kingdom growth figures, with a 0.5% monthly figure and 1.5% year-on-year number proving that the United Kingdom economy remains resilient despite Brexit fears and a wider global slowdown".
The S&P 500 index rose 11 points, or 0.4 per cent, to 2,795.
At 8:33 a.m. ET, Dow e-minis were down 26 points, or 0.1 percent. Both stocks soared on the news, lifting the NASDAQ Composite, with Nvidia rising more than 6.97 percent while Mellanox jumped 7.78 percent.
Technology stocks powered the market's early gains.
F5 Networks Inc slipped almost 7.4 percent, the most on the S&P index, after the network software maker said it would buy privately held NGINX.
The S&P 500 gained 40 points, or 1.5 per cent, to 2,783.
The week opens with investors still waiting for more details on any potential trade deal between the USA and China. "We're in wait-and-see mode".
Stocks are opening broadly higher on Wall Street, although a sharp drop in Boeing is pushing the Dow Jones Industrial Average lower.
Over the last 12 months, the all items index increased 1.5 percent before seasonal adjustment, said the department. More than a dozen airlines as well as the governments of China, Indonesia, Australia and Singapore have grounded the aircraft.
"Investors are watching with interest to see the outcome of the Brexit vote today as it has been one of the uncertainties in the market that has been persistent".
"The markets are reflecting a more favorable interpretation of the shift in central bank policies", he said. The broader industrial sector was down 0.77 percent and the only major S&P sector in the red. Additionally, sales in January increased 2.3 percent from a year ago.
The news weighed on airline stocks. The agreement comes after more than a year of negotiations.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent from 2.64 percent late Monday. The euro rose to $1.1297 from $1.1240.
The S&P 500 index rose 6 points, or 0.2 percent, to 2,789.
The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day after one of its planes crashed in Ethiopia.
Global stocks turned lower Tuesday and the British pound dropped as expectations grew that British lawmakers would reject a plan to leave the European Union.
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