US STOCKS-Wall St ticks up, energy stocks rally again

* ADP private payrolls just short of expectations

* U.S. services sector readings show growth

* Indexes up: Dow 0.1 pct, S&P 500 0.2 pct, Nasdaq 0.1 pct (Updates to morning trading, adds data)

By Rodrigo Campos

NEW YORK, Dec 3 (Reuters) - U.S. stocks rose slightly on Wednesday, led by commodity-related shares, as data continued to show a strengthening U.S. economy and ahead of a meeting of the European Central Bank.

Markets reacted mutedly to data showing the U.S. private sector created 208,000 jobs last month, fewer than expected. The numbers, however, suggested a slowing global economy is having a limited impact on domestic activity.

Stocks in the energy sector led gains for a second consecutive day as crude prices slightly bounced from five year lows. The S&P 500 energy sector added 1.6 percent.

The largest percentage gainer on the S&P 500 was land drilling contractor and oil services company Nabors Industries (NYSE: NBR - news) , which rose 6.1 percent to $13.66.

"Maybe the pessimism has been overshot to the downside," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco, regarding the recent slide in oil futures and energy stocks.

He said energy company insiders are much more bullish about the current situation than the overall market, citing stock purchases from high-ranking insiders.

"It's expected, but nonetheless a bullish indicator. It is a good time to start picking names in the sector."

At 10:57 a.m. EST (Other OTC: ECPCY - news) (1557 GMT) the Dow Jones industrial average rose 15.27 points, or 0.09 percent, to 17,894.82, the S&P 500 gained 4.79 points, or 0.23 percent, to 2,071.34 and the Nasdaq Composite added 3.45 points, or 0.07 percent, to 4,759.26.

The Dow hit an intraday record high and the S&P was within four points of its record set last week.

A gauge of growth in the U.S. services sector rose more than expected in November even as its employment component dipped, according to ISM, while Markit (NasdaqGS: MRKT - news) 's reading of the sector showed growth, though as a slower clip.

Earlier data showed the euro zone economy may face another contraction after business activity grew less than expected in November despite heavy discounting, although Asian readings were more upbeat. The euro was trading at its lowest against the U.S. dollar in more than two years.

Momentum is building for the ECB to launch a program of sovereign-bond buying to boost the bloc's struggling economy with most signs pointing to March for a decision. The ECB meets on Thursday.

"I don't know if they're going to take a huge step but they are moving in that direction," said Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis.

Advancing issues outnumbered declining ones on the NYSE by 2,124 to 766, for a 2.77-to-1 ratio; on the Nasdaq, 1,598 issues rose and 932 fell for a 1.71-to-1 ratio.

The S&P 500 was posting 85 new 52-week highs and 2 new lows; the Nasdaq Composite was recording 89 new highs and 37 new lows. (Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Nick Zieminski)