The holiday honors all veterans of the United States armed forces.
A traditional observation is a moment of silence at 11 AM remembering those who fought for peace. (Commemorates the cease-fire in the 1918 armistice which was scheduled for "the eleventh hour of the eleventh day of the eleventh month."
The day of recognition for Veterans of the Great War (World War I) on this date was first proclaimed by President Wilson on November 11th 1919. In May 1938, the 11th of November in each year was declared a legal holiday and was known as 'Armistice Day'.