* PC makers Dell, HP surge after Lenovo ( LNVGF ) reports revenue

jump

* Estée Lauder climbs after ending merger talks with Puig

* Kevin Warsh sworn in as Fed chair

* S&P 500 eyes 8th weekly gain, longest streak since

December 2023

* Indexes up: Dow 0.86%, S&P 500 0.62%, Nasdaq 0.50%

(New throughout, updates to late afternoon)

By Chibuike Oguh, Shashwat Chauhan and Medha Singh

NEW YORK, May 22 (Reuters) - U.S. stocks rose on Friday,

with the Dow reaching an intraday record high, as investors

cheered signs of progress in talks to end the Middle East

conflict and a strong corporate earnings season.

The S&P 500 is on track for an eighth consecutive

weekly gain, its longest winning streak since December 2023.

Semiconductor stocks, which have driven recent Wall Street

gains, were mostly higher. The Philadelphia Semiconductor Index

rose 2.5%, led by a 12% jump in Qualcomm ( QCOM ), while

Nvidia ( NVDA ) slipped 1.6%.

The U.S. has made some progress toward a deal with Iran,

though more work remains, Secretary of State Marco Rubio said on

Friday. Iran's foreign ministry spokesman said differences

between the two sides remained deep.

"Earnings season looked really good and the economic data,

save a few outliers, looked pretty solid so fundamentally the

picture looks really solid," said James St. Aubin, chief

investment officer at Ocean Park Asset Management in Santa

Monica, California.

"The war has been one major speed bump along the road for at

least the equity market but I think the headlines today looked

encouraging and that was probably helping at the margin."

The Dow Jones Industrial Average rose 428.65 points,

or 0.86%, to 50,714.31, the S&P 500 gained 45.82 points,

or 0.62%, to 7,491.54 and the Nasdaq Composite

gained 130.07 points, or 0.50%, to 26,423.17.

Nine out of the 11 major S&P 500 sector indexes were

gaining, led by healthcare, industrials and technology stocks.

Communications and consumer staples were losing ground.

Shares of U.S. computer makers surged following strong

results from China's Lenovo Group ( LNVGF ), which reported a

better-than-expected 27% jump in quarterly revenue. Dell

Technologies ( DELL ) hit a record high after jumping 17% while

HP Inc ( HPQ ) surged over 15%.

Long-dated government bond yields were lower, having pulled

back from recent highs. The yield on benchmark U.S. 10-year

notes fell 2.6 basis points to 4.558%.

"The bond market seems to be cooling off and yields are

coming down from where they were starting to peak earlier this

week and I think that's very encouraging too," St. Aubin said.

Kevin Warsh was sworn in as chair of the Federal Reserve on

Friday, taking the helm at a pivotal moment for the U.S. economy

as higher gasoline prices tied to the Iran conflict fuel

inflation and weigh on consumer sentiment.

The CBOE volatility index plumbed its lowest in more

than two weeks, ahead of the Memorial Day weekend.

Estée Lauder rose 12% after the cosmetics maker and

Spanish perfumery Puig ended talks for a potential

merger.

Workday gained 5% after the human resources

software provider exceeded expectations for first-quarter

revenue and profit.

Advancing issues outnumbered decliners by a 1.83-to-1 ratio

on the NYSE. There were 309 new highs and 68 new lows on the

NYSE.

The S&P 500 posted 28 new 52-week highs and no new

lows while the Nasdaq Composite recorded 116 new

highs and 65 new lows.