Which phrase characterizes the perspective most investors had of the stock market in the first half of 1929?

Strongly Enthusiastic

Explanation:

Back in the 1920s, the Stock Market of the United States of America went through a very good phase, peaking in August 1929. At that point, production had decreased significantly and the amount jobless people had risen considerably, causing the stocks to suffer, since they had their values inflated.

Small salaries, indebted people,  a problematic agricultural sector, and the so many bank loans that happened through facilitated credit one a few of the causes for the whole market to collapse. So many people that had their money in sticks lost everything.