A gain across most sectors sent Canada’s largest stock market higher Thursday, as New York indexes barely moved amid a delayed vote in U.S. Congress to replace Obamacare.

In Toronto, the S&P/TSX composite index climbed 85.15 points to 15,433.61, helped by advancing industrials and financial stocks.

The increase came a day after Ottawa released its latest federal budget, which held few surprises and avoided making any changes to capital gain taxes.

Todd Mattina, a chief economist with Mackenzie Investments, said the budget was void of any major announcements because the government had to factor in incoming policy changes out of the United States under President Donald Trump.

The Trump effect is keeping Canadian policy-makers in a holding pattern until they have more clarity about the U.S.,” Mattina said.

“It’s hard to raise local taxes, as your most important trading partner plans on large-scale tax cuts, especially if the goal is to attract highly skilled and talented workers in an new innovation type of economy.

“The macro outlook on Canada could also change this year if the U.S. suddenly announces major border taxes aggressively renegotiates NAFTA.”

Mattina also noted that Ottawa will have the option of introducing more measures at its fall fiscal update, or earlier in the year.

On Wall Street, indexes were at a near standstill, as doubts mount over whether the American Health Care Act backed by Trump will pass through Congress. Near the close of trading Thursday, House Republican leadership postponed the vote because of a lack of support.

The Dow Jones industrial average lost 4.72 points to 20,656.58, the S&P 500 index fell 2.49 points to 2,345.96, and the Nasdaq composite index pulled back 3.95 points to 5,817.69.

Investors are watching the “Trumpcare” vote closely because if it doesn’t go ahead, it may spell trouble for the U.S. leader’s other business-friendly policies that have driven stock markets to record levels since November.

“Investors are starting to wonder if Trump can live up to the high expectations of pushing through a very ambitious agenda of tax cuts and infrastructure spending,” Mattina said.

In currencies, the Canadian dollar fell 0.14 of a U.S. cent at US74.90¢ as oil prices fell for a fourth straight day in a row.

Meanwhile in commodities, the May crude contract was down US34¢ at US$47.70 per barrel and April natural gas contracts were up US4¢ at US$3.05 per mmBTU.

The April gold contract fell US$2.50 at US$1,247.20 an ounce and May copper contracts was up a penny at US$2.64 a pound.

With files from The Associated Press