The Dow Jones Industrial Average jumped to a new record high in Friday's early trading.

The key market index gained more than 100 points to hit 120,942.

Investors were encouraged by a series of strong profit reports from major companies like Caterpillar, Honeywell and American Express.

Other U.S. and European market indexes also made strong gains of one percent or more.

Some information for this report was provided by AFP, AP, Reuters and Bloomberg.