We still may be in a bear market, but investors have reason to be optimistic again. 

After the stock market languished through the first half of 2022, stocks have suddenly shown signs of life. As of Aug. 29, the tech-heavy Nasdaq is up 14% since its bottom on June 16, while the S&P 500 has gained 10% since then.

Recent comments from Federal Reserve Chair Jerome Powell calling for a continued increase in interest rates cooled off the market rally, but there are a number of reasons why stocks have bounced back, including signs that inflation is finally easing, generally strong corporate earnings in the second quarter, and the unemployment rate's remaining near all-time lows.

The market recovery is being led by some high-flying growth stocks . Keep reading to see two stocks that have already popped since the market bottom and looked poised for more gains.

1. Etsy

Like most growth stocks, Etsy (ETSY -0.33%) was a big winner during the pandemic, benefiting from the broader e-commerce tailwinds and a wave of new buyers and sellers. The crafty online marketplace then fell sharply in the market sell-off, losing nearly 80% of its value from its peak last November at one point, but lately investors seem to spy a buying opportunity.

The stock is up 52% since June 16, paced by a strong earnings report that included solid beats on the top and bottom lines. While year-over-year gross merchandise value , or the total dollar value of goods sold on the platform, was flat in the quarter, the company delivered strong growth in adjusted EBITDA, which was up 17% to $162.7 million, or a margin of 28%.  The company also posted strong growth in its seller base, which was up 41% to 7.4 million, showing that interest in selling on the platform remains strong even as consumer spending patterns have shifted.

While Etsy is unlikely to reclaim the triple-digit revenue growth investors saw during the pandemic, the company's long-term growth path looks as promising as ever, especially after its acquisitions of Reverb, Depop, and Elo7. Etsy has a unique brand and faces little competition from other artisan-based marketplaces. Its model has also resonated both in the U.S. and abroad. As it continues to grow, profits should expand, and its growth rate should improve by next year. 

2. MercadoLibre

If you're looking for a growth stock that hasn't slowed even as the pandemic tailwinds have faded, MercadoLibre (MELI -1.70%) is a great candidate. The Latin American e-commerce company has continued to put up strong growth through the first half of the year even as many of its peers have not. 

Like Etsy, MercadoLibre fell sharply over much of the last year, down nearly 70% at one point, but the e-commerce and payments company now seems to be in recovery mode with the stock up nearly 50% from its bottom in June.

Revenue in the second quarter jumped 57% with total payment volume up 83.9% to $30.2 billion, with its MercadoPago payments business becoming a key growth driver. Gross merchandise volume was up 26.2% to $8.6 billion, showing the e-commerce business continues to grow briskly as well.

MercadoLibre also posted record operating income of $250 million in the quarter with a margin of 9.6%, a sign that profitability is scaling well as the business grows.

Though the company faces competition from Sea Limited's Shopee in Brazil, it's managed to hold Amazon at bay over the last decade, a sign it's no slouch in e-commerce. Additionally, the sheer size of the Latin American market, especially as its middle class is rapidly expanding, may be the best reason to bet on the company's long-term growth.

In an Amazon-like fashion, MercadoLibre has also used its base in e-commerce as a launch pad for new businesses, including Mercado Pago, Mercado Credito, its lending operation, Mercado Envios, its shipping business, and Mercado Fondo, its asset management arm.

That gives the company a ton of options, and that, combined with the tailwinds in its e-commerce and payments business, should ensure its long-term success as a growth stock.