Shortcut to accept top spelling suggestion of the last word
Edit:
If you want it to be automatically corrected, go to System preferences &gt; Keyboard &gt; Text and turn on &quot;Correct spelling automatically&quot;.


Original answer:

Which OS X version are you on?
I'm on Mavericks and if I move the cursor so it touches the misspelled word, the suggestion pops up automatically and I can chose the correct one using the arrow keys.