Columbus Day -- which New York City renamed Italian Heritage/Indigenous Peoples' Day -- is Monday. The stock market is open but public schools across the five boroughs are closed in observance. And many streets are shut for the parade.

The world’s largest celebration of Italian-American culture and heritage will be held in New York City on Monday. The Columbus Day Parade, in its 80th year, will kick off at 11:30 a.m. along 5th Avenue.

New York City's annual Columbus Day Parade returns on Monday, which means street closures in Midtown Manhattan.

Many New York City institutions will shut for Columbus Day and Indigenous Peoples’ Day, which will give students a three-day weekend. The Department of Sanitation will not collect trash, composting, or recycling during the holiday.

Most banks will be closed on Monday, known as Columbus Day or Indigenous Peoples' Day, but the stock market will be open as will most retail stores and restaurants. Oct. 14 is one of 11 federal holidays that the Federal Reserve observes during the year.

New York City's annual Columbus Day Parade returns to Manhattan on Monday, celebrating Italian-American culture. CBS News New York's Elijah Westbrook reports from the start.

New York is celebrating Columbus Day which was renamed Italian Heritage or Indigenous Peoples' Day by the city later on Monday, October 14. Public schools will remain closed across the city because of the occasion.

The 80th annual Columbus Day parade steps off at 11:30 a.m. Monday. The parade is preceded by a mass at St. Patrick’s Cathedral, then starts on Fifth Avenue at 44th Street and continues north to 72nd Street.