Stocks Rally on Ceasefire Report

The broader market rallied midday Wednesday after a report indicated that a ceasefire had been brokered between Israel and Hamas over Gaza. Stocks had been trading near unchanged, but then picked up steam. Around 1 pm, the S&P 500 was up about 0.20 percent, while the Dow was up more than 50 points. With a ceasefire in place, traders may have their concerns eased in regards to possible instability and fighting in the region. Still, the market remains down from its recent highs. Traders may not believe that the ceasefire will hold; alternatively, the instability in Gaza might have had little to do with the recent sell-off -- the fiscal cliff or the situation in Greece might be dominating the minds of traders.