Conflicting theories predict either positive or negative links between long-term interest rates and stock prices, and empirical studies have found evidence to support both notions. This article revisits the debate, exploring the relationship using Gaussian copula marginal regression and D-vine copula based quantile regression. We identified a negative relationship across all considered stock indices prior to COVID-19, but a dramatic reversal during the pandemic, throughout which a negative association between long- term interest rates and the Nasdaq index remained, but a positive association between long-term interest rates and the S&P 500 as well as the Dow Jones indices emerged. Growth and value stocks, it seems, responded differently to long-term interest rate movements during the pandemic. Our findings will be of interest to those who must perform risk management and make decisions about portfolio diversification in periods of high uncertainty.