U.S. stocks closed sharply lower on Thursday as concerns over Deutsche Bank sent its U.S.-listed shares to an all-time low and weighed on the broader financial sector. The three major indexes hit session lows shortly after Bloomberg reported that approximately 10 hedge funds were reducing their exposure to the embattled European bank. Deutsche later told

CNBC this is “typical” when doing business with hedge funds. The bank’s U.S.-listed shares fell 6.67 percent, and dropped as much as 9.02 percent to $11.19, an all-time intraday low. “When you look at what’s going on in the Deutsche Bank options, you’re seeing a lot of puts being bought,” said Daniel Deming, managing director at KKM Financial. READ MORE