U.S. stocks extended heavy losses as investors digested a mixed August jobs report: on the one hand, the number of jobs added to U.S. payrolls fell short of forecasts. On the other, the unemployment rate dropped and hourly wages rose. While the debate over what that means for the Fed's hike timeline intensified, Richmond Fed President Jeffrey Lacker made the case for higher interest rates. Lacker argued that it is time to 'align monetary policy with economic progress' as the U.S. economy rebounds and the labor market tightens. And, a happy birthday to Google (GOOGL). The company was founded by Larry Page and Sergey Brin in Menlo Park, California 17 years ago to the day. TheStreet's Keris Lahiff reports from Wall Street.