Key keywords: stocks rally, ceasefire extension, global trading day, equity market gains, geopolitical risk easing, Wall Street performance, travel sector rebound, Middle East conflict de-escalation The latest global trading session closed on a sharply positive note Thursday, as equity markets surged across regions following the official announcement of a 48-hour extension to the temporary Gaza ceasefire, which had been set to expire earlier in the day. Prior to the announcement, analysts had widely warned that a collapse of the ceasefire and a resumption of full-scale military operations would likely trigger a sharp risk-off move, driving up oil prices, pushing safe-haven assets like gold and U.S. Treasuries higher, and dragging down equities exposed to cross-border trade, travel, and energy costs. On Wall Street, the Dow Jones Industrial Average closed 1.82% higher, adding 628 points to hit a fresh 2024 high, while the S&P 500 gained 1.56% to end at 4,892, just 0.3% below its all-time closing record set in January 2022. The tech-heavy Nasdaq Composite rose 1.27%, led by gains in semiconductor and consumer tech stocks that had been under pressure in recent weeks from geopolitical risk premiums. European markets also notched solid gains: the UK’s FTSE 100 closed up 1.32%, Germany’s DAX gained 1.48%, and France’s CAC 40 rose 1.61%, with luxury goods and airline stocks leading the upward momentum. Asia-Pacific markets that opened after the ceasefire extension news also saw broad gains, with Japan’s Nikkei 225 closing up 1.1% and Australia’s ASX 200 adding 0.9%. Sector-wise, travel and leisure stocks posted the biggest gains, with major U.S. carriers Delta Air Lines, American Airlines, and United Airlines rising between 4.2% and 5.8% on expectations that reduced Middle East tensions will keep jet fuel prices stable and lower the risk of long-haul flight route disruptions. Consumer discretionary stocks also outperformed, as investors bet that reduced geopolitical uncertainty will boost household spending on travel, entertainment, and big-ticket items in the final quarter of the year. Energy prices saw a modest dip, with Brent crude falling 1.2% to $81.32 per barrel, as fears of supply disruptions tied to a wider regional conflict faded. In a note published shortly after the market close, Goldman Sachs chief U.S. equity strategist David Kostin wrote that the ceasefire extension removed one of the largest near-term downside risks for markets, estimating that investors had priced in a 12-15% probability of a regional conflict expansion prior to the announcement. "This rally has room to run if the ceasefire is extended further or if negotiators reach a longer-term peace framework," Kostin added, noting that the next key catalyst for markets will be the U.S. core PCE inflation data due out Friday, which will shape expectations for Federal Reserve interest rate cuts in 2024.