Cease-Fire Trade Is Back On—Heard on the Street Thursday Recap

Major U.S. indexes reversed early declines, while oil prices fell from their session highs above $100 a barrel, after reports that Israel and Lebanon will pursue direct negotiations. Iran has said the cease-fire, now in its second day, must include a pause in Israel’s conflict with Hezbollah in Lebanon. The White House and Israel said that wasn’t part of the deal.