Nasdaq, S&P 500 gain after Trump secures 10-day Israel-Lebanon ceasefire

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U.S. President Donald Trump announced on Apr. 16 that he has talked to Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun, and the two countries have agreed to a formal 10-day ceasefire beginning 5 P.M. EST.

The development comes two days after the countries held their first direct diplomatic talks in decades in Washington.

Trump also said he will invite both leaders to the White House for the first meaningful talks between the two countries since 1983.

The latest announcement comes after Israel did not stop attacks on Lebanon after the U.S. and Iran announced a temporary 2-week ceasefire on Apr. 7.

The U.S. disagreed on Israel's military attacks on Lebanon being a part of the ceasefire deal, but it was a crucial component of the peace deal for Iran. The disagreement led to the peace talks between both countries failing in Pakistan.

European Commission President Ursula von der Leyen welcomed the ceasefire announcement and said Europe will continue to call for the full respect of Lebanon’s sovereignty and territorial integrity and will keep supporting the Lebanese people through substantial humanitarian aid.

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How markets react

Adding to their strong gains this week, the S&P 500 and Nasdaq Composite rose to new heights and got a lift following Trump's ceasefire announcement.

While the S&P 500 was trading at 7,037.65 at press time, the Nasdaq Composite was trading at 24,101.32.

However, the crypto market didn't react to the ceasefire announcement in a receptive manner. Bitcoin (BTC) fell 1% in an hour to trade at $74,139.72 at press time.

Ethereum (ETH) similarly fell 1% in an hour to trade at $2,319.43. XRP also dropped nearly 1% in an hour to $1.42 at press time.

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