Assuming you rebuilt it properly...Sounds like you still have air in the line.
Every one has a different way to bleed brakes. Here's how I do it.
-Get some clear tubing that slips tight over the bleeder.
-Get two bottles of brake fluid. (The second one could be a clean dry container filled with new brake fluid also)
-Put the box end of your wrench on the bleeder then slip on the tubing.
-Fill your reservoir and leave the cap off.
-Put the second bottle of brake fluid (or container of fluid) on the ground and run the clear tube into it so the end is submerged in brake fluid.
-Gently pull lever to stop and hold. Crack bleeder 1/4 turn or until you feel the pressure release. Only open it only far as you need to for fluid to flow.Tighten bleeder. Release lever. Check fluid level and add if needed.
Repeat
Repeat
Repeat
Keep doing this until you observe no air bubbles going into the second fluid can (container)
If you already bleed your brakes like this my apologies. But when you mentioned the fountain of fluid coming out I'm guessing you didn't. Good luck with it.