You have air in the system, no matter that you bench bled the Master cylinder, air got in the system that is the only cause of this symptom other than a defective new part. Follow the guide lines below to bleed brakes.
To properly bleed the brakes, start with a couple of 8-ounce cans of fresh brake fluid. An unopened can has a long shelf life. An opened can should be discarded within a few weeks. Get the
vehicle up in the air and remove all four wheels, you might be able to do this with the wheels on if you can swing a wrench on the bleeder valves. PLease read through the instructions completely before you start work, do not let the Master cylinder run dry of fluid.
Have a helper pump up the brake pedal, then open the right rear brake bleeder and bleed it until you don't hear anymore air bubbles coming out and the fluid stream is steady, next move to the left rear wheel and repeat, then to the right front and bleed that wheel cylinder, then repeat at the left front wheel cylinder. A tip hear, soak the bleeders with WD40 before you try to crack them open, DO NOT STRIP/ROUND OFF THE CYLINDER BLEEDERS, Use a box end wrench to get a good bite on the bleeders. When all the air is out of the system the fluid will be steady and not make a spurting noise, do not run the master out of fluid!