Bismillah
Curious, sorry for this but i did reply without asking you to bring forth the hadeeth based on which u actually started your thread. I mean where did you read that the Messenger Mohamed prayer and peace be upon him told us to read the bible for guidance?
There is one Ayah, may be this will help u actually more on this same topic:
"O people of the Scripture! (Jews and Christians): "Why do you disbelieve in the Signs of Allah, [the Verses about Prophet Muhammad present in the Torah and the Gospel] while you (yourselves) bear witness (to their truth)." (Quran 3:70)
"And if only they had acted according to the Torah, the Gospel, and what has (now) been sent down to them from their Lord, they would surely have gotten provision from above them and from underneath their feet. There are from among them people who are on the right course, but many of them do evil deeds." (Quran 5:66)