Cease-Fire Holds Between Israel, Hamas, Hamas Celebrates With National Holiday

After a 24-hour cooling-off period, the cease-fire calls for "opening the crossings and facilitating the movement of people and transfer of goods, and refraining from restricting residents' free movement." That could amount to the biggest easing of Israel's blockade of Gaza since it shut off the territory from much of the world five years ago. Hamas officials said details on the new border arrangements would have to be negotiated.

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Clinton and Morsi met for three hours in Cairo Wednesday to discuss an end to the violence. The U.S. secretary of state met with Netanyahu Tuesday night for more than two hours, saying she sought to "de-escalate the situation in Gaza."

Both Clinton and President Obama heaped praise on the Egyptian president, who emerged as perhaps the most pivotal party in the conflict between Israel and Hamas. Both Obama and Clinton made multiple calls to Morsi, understanding the long-term diplomatic consequences for America's historically strongest Arab ally in the Middle East, an ally that receives billions of dollars in aid annually.

ABC News' Reena Ninan, Dana Hughes, Colleen Curry and The Associated Press contributed to this report.