Now point back to a happy ending (5)
I believe the answer is:
today
'now' is the definition.
(synonyms)
'point back to a happy ending' is the wordplay.
'point' becomes 'dot' (synonyms).
'back' shows that the letters should be reversed in order.
'to' says to put letters next to each other.
'ending' says to take the final letters (the ending of the word).
The final letter of 'happy' is 'y'.
'dot' backwards is 'tod'.
'tod'+'a'+'y'='TODAY'
(Other definitions for today that I've seen before include "Current period of 24 hours" , "Nowadays" , "Yesterday's tomorrow" , "The present time or age" , "12, 12" .)