US stocks rose for a second day, climbing to session highs in the last hour of trading amid a broad-based rally. Treasuries pared gains and the dollar slipped.

Back-to-back gains in the S&P 500 clawed back all of last week’s losses. The tech-heavy Nasdaq 100 advanced with megacaps Apple Inc. and Microsoft Corp. offsetting declines in ecommerce giant Amazon.com Inc. 

Consumer discretionary stocks led declines throughout the day, with Target Corp. falling after the retailer cut its profit outlook for the second time in three weeks amid an inventory surplus. 

Sentiment whipsawed for much of the day with traders hesitant to take on risk amid concern monetary tightening by Federal Reserve will stifle growth. But that changed in late trading as buyers emerged across the equity market, with 10 of the 11 sectors in the S&P advancing and the Russell 2000 of smallcaps climbing more than 1.5%.

“It does seem that the odds of a soft landing are reasonably good but it’s tough to manage,” Anthony Crescenzi, market strategist and portfolio manager at Pacific Investment Management Co., said on Bloomberg TV. “Navigating it into that narrow runway is challenging. The price of oil rising of course, will reduce aggregate demand, perhaps. And that will likely help bring it into that zone. But lots of other things have to happen.”