US STOCKS-Wall Street lower for 2nd day after rally, data
* ADP misses February expectations, January revised higher
* Markit, ISM services show modest growth
* Indexes off: Dow 0.69 pct, S&P 0.64 pct, Nasdaq 0.38 pct (Updates to late morning, adds data)
By Chuck Mikolajczak
NEW YORK, March 4 (Reuters) - U.S. stocks were lower on Wednesday, with indexes on track for a second straight day of declines, as a recent rally gave investors reason to exercise caution.
After a sluggish start to the year, equities charged higher in February, helping send both the Dow and S&P to record highs on Monday, and the Nasdaq hurdled the 5,000 level for the first time in 15 years.
Economic data continued to point to a slowly accelerating U.S. economy, increasing the likelihood the U.S. Federal Reserve will begin to hike interest rates at some point this year.
"We've had this big move, we are extended. I don't think the market is particularly overvalued or particularly expensive but it's not cheap," said Stephen Massocca, chief investment officer at Wedbush Equity Management LLC in San Francisco.
"It's less about the recent economic data and more where we are today, and it's more about looking forward to monetary policy changing as well." Continuación...