Business

Weak Oracle sales, Cyprus fears weigh on US stocks

Stocks closed lower Thursday after ­Oracle’s weak sales results weighed down big US technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy. Major indexes followed European markets lower at the open and remained solidly negative all day. Oracle’s results have an outsized ­impact on other technology stocks because it reports earlier than most of its peers. The European Central Bank has threatened to end emergency support for banks in Cyprus next week unless leaders can secure more funding. The country must raise about $7.5 billion in the next four days to avoid bankruptcy.

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