This is a nice English word very similar to “saludo” in Spanish. A salute has several meanings. It could be a formal military gesture of respect, like the one the kids were doing, or to greet somebody in a friendly way. Example: “I meet this man every day on my way to work and he always salutes me.”
Another word to add to the list. This makes me a happy man with a warm smile on my face. It’s nice and warm outside, and the smell of home-made coffee is in the air. Breakfast is almost ready. Good Day.