European Shares Down Fourth Day Straight

European shares were down for the fourth straight day on Monday. Technology companies in particular were hit hard. Shares of STMicroelectronics (NYSE: STM) were down 2%.

Despite the declines in so many other European stocks, shares of Philips Electronics (NYSE: PHG) managed to rise 3.4% in Amsterdam after the company announced that it had moved to a 4th quarter net profit.

The U.K. FTSE 100 index was down 0.5% to 5,275.91, the German DAX index declined 0.9% to 5,641.35 and the French CAC-40 index was down 0.7% to 3,793.94.