Here’s the LA Times on the cease-fire,
CAIRO — Hamas and Israel agreed to a cease-fire that took effect Wednesday evening following a week of intense diplomacy to stop rocket fire and airstrikes that have pounded the Gaza Strip and Israel and raised fears of plunging the region into a wider war.
The truce began at 9 p.m. local time and appeared at least initially to be taking hold.
The deal was announced in Cairo by Egyptian Foreign Minister Mohamed Amr and Secretary of State Hillary Rodham Clinton, who flew to the region Tuesday night as hopes for a truce remained elusive amid heavy artillery exchanges.
And some good background from Stratfor on the bigger picture:
(click here if video is not observable)