The world number two followed up his spectacular six-under-par opening round with a gutsy two-over-par 74 to take a one-shot lead over Northern Ireland's Rory McIlroy into tomorrow’s third round.

A double-bogey at the par-four fifth hole cancelled out early birdies at the first and third and although Spieth appeared to be back on track with a birdie at the eighth, further dropped shots came at the ninth and 10th.

One over with four holes remaining, Spieth birdied the 15th before bogeying the 16th and 17th and sinking a 15-foot putt at the last to finish four under par after 36 holes.

"It was a couple of strokes higher than I was looking for - par was a good score today," Spieth told Sky Sports.

"Playing holes 11 and 12 with two pars and also being a couple under early, it was a couple higher than the goal.

"It was a bit disappointing but it is pretty much a new tournament coming our way over the weekend."

World number three McIlroy continued his quest to become only the sixth man to complete the career Grand Slam with a one-under-par 71.

The four-time major winner carded three birdies in the final six holes to finish three under at the midway point.

Despite managing early birdies on the second and third, McIlroy’s challenge appeared to be fading with a double bogey on the fourth and dropped shots on the fifth and 11th.

He recovered though with a birdie on the par-five 13th and after pulling back further shots at 15th and 16th, the 26-year-old saved par on the 18th with a six-foot putt. 

American amateur Bryson DeChambeau looked set to post the best score of the day, but a triple bogey at the 18th saw him finish level par for both the day and the tournament.

He is one of six players at evens and a single shot ahead of world number one Jason Day of Australia, who struggled on the back nine once more with three bogeys littering his card. 

Denmark's Søren Kjeldsen, the US's Brandt Snedeker and Japan's Hideki Matsuyama are all one under, while New Zealand's Danny Lee and American Scott Piercy are tied for third place on two under thanks to rounds of 74 and 72 respectively.

Rickie Fowler, the world number five, was the highest-ranked golfer to miss the cut after finishing at nine over.

Among the other high-profile names to fall short of the required mark were Fowler's fellow Americans Zach Johnson, the 2007 winner, and Phil Mickelson, the three-time champion who was left to rue double bogeys at the 15th and 16th. 

US legend Tom Watson, a two-time winner, waved an emotional goodbye to Augusta after carding 78 to finish eight over.

The 66-year-old was targeting becoming the oldest player to make the cut but seven bogeys and just one birdie ended his chances.