The Dow Jones Industrial Average hit an all-time high on Wednesday as Disney shares popped while investors digested testimony from the top-ranking Federal Reserve official.

The 30-stock average closed 92.10 points higher, or 0.3% at 27,783.59, notching intraday and closing records. Disney jumped 7.4% after the media giant said its Disney+ streaming service got more than 10 million sign-ups after launching on Tuesday.

Meanwhile, the S&P 500 eked out a record closing high, its 20th of the year, ending the day up 0.1% at 3,094.04. The Nasdaq Composite, however, closed just below the flatline at 8,482.10.

Gains were capped after Dow Jones reported U.S.-China trade talks have hit a snag over agricultural purchases. The report also said Beijing is resisting requests from the U.S. to curb tech transfers as well as enforcement mechanisms. China is also reportedly balking at commitments to specific farm purchases from the U.S.

The major indexes quickly pared gains following the report but later regained their footing.

"We can make the case for the market to go higher, but it's going to be dependent on trade," said James Ragan, director of wealth management research at D.A. Davidson. "Not surprising that when we get more negative headlines on trade, the market pauses."

"There's a lot of pressure on the trade agreement," he said. "if they're not even able to sign a phase one trade deal, that's pretty negative."

CNBC's Kayla Tausche reported the U.S. is trying to secure stronger concessions from China on intellectual-property theft enforcement and curb forced technology transfers. In exchange, the U.S. would roll back tariffs.

Wednesday's news comes a day after The Wall Street Journal reported, citing people familiar with the talks, that both sides where at an impasse on whether the U.S. should remove existing tariffs or would only cancel duties that are set to take effect on Dec. 15.

It also follows President Donald Trump telling the Economic Club of New York on Tuesday that China was "dying" to make a trade deal.