S&P 500 Leaders & Laggards: MU MUR

The Standard & Poor's 500 Index declined on Friday, as investors remained unnerved over a fresh record in oil prices and turmoil in the credit markets.

The S&P 500 declined 4.77 points to 1,278.38.

The biggest percentage decline was recorded by shares of Micron Technology Inc. fell 89 cents, or 12.7 percent, to $6.10 after the chip maker posted a fiscal third-quarter loss that was bigger than analysts were expecting.

International Game Technology tumbled $2.40, or 8.8 percent, to $24.91, and hit a three-year low of $24.38. A Morgan Stanley analyst downgraded shares of gaming machine maker to "Equal Weight" from "Overweight."

Shares of ConAgra Foods Inc. declined $1.25, or 6 percent, to $19.67, and hit a 2-year low of $19.62 during the session. On Thursday, the company said fiscal fourth-quarter profit rose nearly 5 percent, but sales missed expectations.

On the rising side, shares of Murphy Oil Corp. gained $4.86, or 5.3 percent, to $96.29 as oil settled at a record $140.21 a barrel.

Shares of CIT Group Inc. rose 40 cents, or 5.3 percent, to $8.

Shares of Mylan Inc. rose 60 cents, or 5.2 percent, to $12.16.