Nasdaq and S&P 500 close at highest levels since August on optimism over debt ceiling bill: Live updates

Stock Chart IconInvestors shouldn't chase recent rally, investing officer says

Landsberg said the market is likely in a bear market rally, but the bear market itself is not over yet and investors should not chase the rally. He specifically pointed to the past two quarters of decelerating earnings, as well as the lack of breadth driving the current rally, as evidence of downside risk on the horizon.The manufacturing sector reported contraction for the seventh month in a row, though about in line with Wall Street expectations, according to a report Thursday from ISM.

New orders fell 3.1 percentage points to 42.6% while production rose 2.2 points to 51.1%. In news that gives some hope to the Federal Reserve's inflation-fighting efforts, prices tumbled 9 points to 44.2%.JPMorgan Chase downgradedon Thursday over concerns of a declining market share as well as disinflation in the company's grocery segment.

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