In the end, Holden hung out with his sister, Phoebe, and they went to a carrousel. For once, Holden was really happy. After that, he went home and faced what was to come. In the last chapter, we get the idea that Holden is in a mental hospital, but he says that he will be going back to school soon. I don't know if I would consider this a happy ending or not, but it was good enough for me.