The phrase that characterizes the perspective most investors had of the stock market in the first half of 1929 is strongly enthusiastic. Option B is correct.
During the 1920s, the U.S. stock market experiended a rapid expansion, reaching its peak in August 1929, following a period of wild speculation. By then, production had already decreased and unemployment had risen, leaving stocks in great excess of their real value.
Low wages, the proliferation of debt, a struggling agricultural sector and an excess of large bank loans that could not be liquidated contributed to the collapse as well.