A member of the joint command of militant factions in Gaza said all groups had "stopped around 12 noon all the operations, shooting and rockets, which were a response to the Israeli aggression. They consider this round of escalation over." A source with Gaza's Islamist rulers Hamas confirmed the move.
There was no immediate reaction from Israel.
The rocket fire which began late Wednesday appeared to be in response to an Israeli strike which killed two members of Hamas's military wing on Tuesday.
Israel says some 180 rockets and mortars were fired at its territory.
At least seven Israelis were hurt by the Gaza rocket fire and residents near the border rushed to get to bomb shelters.
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