Independence day is a happier holiday and is in contrast with yesterday's Memorial Day. According to the email the school sent out there are celebrations all over the city today. Even BBQs and picnics in the local parks. The flag is bought back to full staff again after being lowered yesterday.
This holiday celebrates the day that Israel's independence was declared on the day before the British Mandate was set to expire. The day was May 14, 1948. This was the first time the Jewish people had a homeland since I think 70 CE when the Romans conquered Jerusalem. Having Memorial day followed by Independence day was done deliberately. I am told that these two days symbolize what it is like the live in Israel. You have great sorrow but also great joy. You can read more about the history of this holiday here.